Sales of condominium properties pursuant to
Section 15 of the Condo Act
The current real estate market and landscape has led to a great deal of activity regarding Section 15 sales. Developers and other investors are looking to acquire condominium buildings for use as rental buildings, initiating multiple condominium “de-conversions” throughout the Chicago area.
Chuhak & Tecson has been regularly advising Boards and purchasers in connection with these kinds of sales, from the solicitation of potential offers through closing of multiple sales. Principal David Bloomberg recently has spoken to groups of real estate professionals and attorneys regarding the representation of Associations and purchasers.
Click here to read more about moving forward with the sale of a building.