summary
Introduced
02/07/2025
02/07/2025
In Committee
04/11/2025
04/11/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Condominium Property Act. Provides that a vote to sell the property shall take place at one meeting called for such purpose and may be extended by no more than 24 hours. Provides that notice of the meeting shall be provided 72 hours in advance to all unit owners. Provides that upon an affirmative vote to sell the property, the board shall notify all State and local legislators representing the legislative district in which the property lies of the intent to sign a contract for sale of the property at least 90 days before signing the contract for sale. Provides that the bylaws that include matters subject to the affirmative vote of not less than 2/3 of the votes of unit owners at a meeting called for that purpose must include the investigation and initiation of a bulk sale of the property.
AI Summary
This bill amends the Condominium Property Act to establish new procedures and requirements for selling a condominium property. The bill specifies that a vote to sell the property must occur at a single meeting that can be extended by up to 24 hours, and requires 72 hours of advance notice to all unit owners before the meeting. Additionally, if the vote to sell passes, the condominium board must notify all state and local legislators representing the district where the property is located at least 90 days before signing a sale contract. The bill also modifies the bylaws to include that the investigation and initiation of a bulk property sale (including gathering information, consulting with real estate professionals, and negotiating offers) is a matter that requires an affirmative vote from at least two-thirds of the unit owners. The changes aim to provide more transparency and input for unit owners during the potential sale of a condominium property, ensuring that owners are well-informed and have opportunities to participate in significant decisions about their shared property.
Committee Categories
Justice
Sponsors (1)
Last Action
Rule 3-9(a) / Re-referred to Assignments (on 04/11/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2125&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB2125.htm |
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