September 11, 2020
By: R. Kymn Harp
R. Kymn Harp participated as a webinar speaker for the Illinois Real Estate Lawyers Association (IRELA) on September 9, 2020. Harp presented on the topic “IL Condominium Deconversion: Process and Pitfalls”. The presentation addressed the following: A Section 15 sale on the path to deconversion can be controversial. There are rules but they are often misunderstood or intentionally ignored, frequently by the Board of Managers and their attorneys. Unit owners can be forced to sell their unit, whether they wish to or not, upon terms determined by others. Opposition unit owners may be liable if they unlawfully obstruct a sale approved by a requisite majority of unit owners. Conversely, board members may find themselves personally liable, even for punitive damages, if they overstep their bounds and violate their fiduciary obligations to unit owners. For more information about IRELA, visit irela.org.