RSP has substantial experience representing developers, investors, and owners in all aspects of condominium deconversion matters. A condominium deconversion is defined as a bulk sale of condominium units to a single purchaser who then converts the units into rental apartments. Our experience also encompasses deal-critical knowledge of the Illinois Condominium Property Act including Section 15 which provides that unit owners owning at least 75% of the common elements in a condominium association (with four or more units) may elect to sell the entire property comprising the condominium. In the City of Chicago, effective October 15, 2019, the percentage of unit owners required to approve a sale of a condo building to a single purchaser increased from 75% to 85%.
RSP leverages its extensive experience in real estate development, finance, business, and taxation to efficiently handle the myriad of legal issues involved in condominium deconversions while minimizing risks, conflicts and delays. Our firm counsels clients at every stage in the deconversion process, from identification and examination of properties, obtaining the necessary participation by unit owners to convey the property to a single owner, managing the process of negotiating hold-out unit owners, to purchase of properties, preparation of required municipal condominium reports, and closing final sales. We also counsel our clients on all litigation strategies, if necessary.