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Condominium Law (Illinois) 2010 Edition & 2013 Supplement
2010 Edition plus 2013 Supplement with Book on CD
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Real Estate
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$159.00

Condominium law practice in Illinois has changed dramatically. Economic circumstances mean less emphasis on new developments and more on rescuing projects, dealing with associations connected with distressed developments, and selling halted projects and units in a depressed market. Illinois Condominium Law 2010 edition gives you the tools needed to practice in the new economy. A new chapter, focusing entirely on distressed projects, provides guidance on how to represent each of the major parties — developers, associations, and lenders — and gives strategies for rescuing projects and handling bankrupt associations. The authors, all expert practitioners in the field, provide creative solutions to demanding circumstances and plans for moving forward in both prosperous and challenging times.

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Table of contents: 

ILLINOIS CONDOMINIUM LAW
2010 Edition
 

Chapter 1 — The Illinois Act and Condominium Titles

History of the condominium concept

Definitions of terms

Analysis of the Illinois Condominium Property Act

Problems of condominium practice

Condominium surveys

Site condominiums

Leasehold condominiums

Allan Goldberg, Arnstein & Lehr LLP, Chicago

 

Chapter 2 — Tax Considerations in Condominium Development

Nature of condominium development

Tax planning considerations

Form of organization of developer

Tax accounting

Resort condominiums

Special problems in development and ownership

Gabriella R. Comstock and William F. Knee, Keough & Moody, P.C., Naperville

 

Chapter 3 — Development Plans for New or Partially Completed Housing Developments

Basic project documentation

Choice of form of unit ownership

Project documentation — issues to be covered

The need for an association and available alternatives

Using multiple associations

Conversion projects

Multi-building and phased developments

Issues under the Interstate Land Sales Full Disclosure Act

Representing the development plan to the public

Secondary mortgage market

Considerations when acquiring title to a partially completed project

Distressed condominium projects

Brian Meltzer and Victoria C. Bresnahan, Meltzer, Purtill & Stelle LLC, Chicago and Schaumburg

 

Chapter 4 — The Condominium Construction Finance

Presales

Finding a lender

Application process

Loan commitment

Loan documents

Closing the loan

Condominium statutes

Robert J. Taylor, Arnstein & Lehr LLP, Chicago

 

Chapter 5 — The Condominium Property Report

Conversion vs. new construction

Form of property report

Disclosure requirements, notice of intent, and tenants’ rights

Rules and regulations for condominium conversions promulgated by Chicago Department of Consumer Services

Filing requirements and delivery of property report

Contents of property report and discussion of selected provisions

Amendment to condominium documents

Commercial condos, hotel condos, and other nonresidential condos

Additional provisions in the Chicago Condominium Ordinance

Compliance with additional laws

Sample form of property report

Adam T. Berkoff, DLA Piper US LLP, Chicago

 

Chapter 6 — Conversion of Existing Structures

Developing a conversion plan

Implementing the conversion plan

Timetable for conversion

Forms

          Declaration Provision for Existing Financing and Obligations

          Short Notice for Closing

          Declaration Provision Disclosing Use, Occupancy, Easements

          Warranty Disclaimer

          Notice of Building Code Violations

          Bylaw Provision Phasing Developer Out Slowly

          Management Contract

          Notice to Tenants — Illinois Condominium Property Act

          Notice to Tenants — Chicago Municipal Code and Illinois Condominium Property Act

          Provisions Treating Commercial Areas as Condominium Units and as Common Elements

          Rights of Mortgagees

Wayne R. Hannah, Jr., Sonnenschein Nath & Rosenthal LLP, Chicago

 

Chapter 7 — The Condominium Documents

Condominium purchase agreement

Declaration of condominium ownerships

Staged development

Other required documents

Rules and regulations

Conversion condominium

Kathleen A. Penland (1945 – 2010) and David C. Hartwell, Penland & Hartwell, LLC, Chicago

 

Chapter 8 — Representing the Unit Purchaser/Seller

Representing the purchaser

            Elements of required documents

            Contract issues (taxes, assessments, warranties, etc.)

            Closing issues (insurance, closing statement, first refusal, etc.)

Representing the seller

Distressed condominium considerations

Condominium unit purchase checklist

Michael C. Kim, Michael C. Kim & Associates, Chicago

 

Chapter 9 — Representing the Condominium Association

Role of the attorney

Legal basis of the condominium association

Duties and responsibilities of the board

Dealing with developers

Managing the property

Owners’ and board meetings

Rules and regulations

Amending the documents

Rule enforcement

Right of first refusal

Forms

            Sample Notice of Annual Meeting

            Sample Nomination Application

            Sample Official Ballot

            Sample Proxy Form

            Checklist of Documents To Be Submitted to Association by Developer

            Notice of Violation of Association Declaration, Bylaws, or Rules and Regulations

Notice of Determination Regarding Violation

            Sample Disclosure Document

            Sample Architectural Improvement Application Form

Jordan I. Shifrin, Kovitz Shifrin Nesbit, Buffalo Grove

 

Chapter 10 — Condominium Management

Management by developer

Rights and liabilities of the condominium manager

Fiduciary duty

Records of association

Sample forms

            Sample Condominium Management Agreement

            Sample Procedures for Election of Directors

            Sample Secret Ballot

            Sample Notice of Turnover Meeting

Mark D. Pearlstein and Howard S. Dakoff, Levenfeld Pearlstein, LLC, Chicago

 

Chapter 11 — Financing Major Improvements or Capital Expenditures

Considerations before obtaining a loan

            Determining how much to borrow

            Obtaining unit owner approval prior to borrowing money

            Where to borrow money

            Documents and information required by a lender; sample form of closing checklist

Loan application package

Sample forms required by lenders

            Assignment of Assessments

            Opinion of Counsel for Association

            Loan and Security Agreement

            Non-Revolving Line of Credit

            Exhibit A to UCC-1 Financing Statement

Gerald A. Cassioppi and Jeffry J. Knuckles, Nyberg & Cassioppi, LLC, Naperville

 

Chapter 12 — Taxation of Homeowners’ Associations

General background of associations

Code §277

Code §528 elections and filing requirements

Homeowners’ associations under Code §501(c)(4)

Illinois taxation

Comparison of filing under Code §§528 and 277

Other tax issues

Mark W. Cantey, CPA, and Karen Skoric, CPA, Mark Cantey Associates, P.C., Wheaton

 

Chapter 13 — Real Estate Taxes

Condominium divisions

Property records

Valuing condominiums for tax purposes

Assessing condominium units

Homeowner exemptions

Reassessment of property

Publication and notice — assessments in intervening years

Valuation complaints

Judicial remedies

Certificate of error

Tax sales

Checklist for submitting a valuation complaint

Gabriella R. Comstock and Charles M. Keough, Keough & Moody, P.C., Naperville

 

Chapter 14 — Local Condominium Ordinances

Applicable local ordinances and where they can be located

Property reports

Developer duties with respect to property reports and other filings

Condominium conversion ordinances

Antidiscrimination ordinances

Fraud

Warranties

Cooling-off periods

Daniel I. Schlade, Arnstein & Lehr LLP, Chicago

 

Chapter 15 — Liability Problems

Suits against developers for construction defects

            Statutes of limitation

            Implied warranty of habitability

Negligence

Fraud

And more

Other potential controversies between the developer and unit owners

Sweetheart deals

Allocating common expenses

            And more

Interrelations between the board of managers and the unit owners

Enforcement of the declaration and bylaws

Assessments

Tort claims

            And more

Kenneth A. Michaels, Jr., Bauch & Michaels, LLC, Chicago, and Zoran Dragutinovich, Torshen, Slobig, Genden, Dragutinovich & Axel, Ltd., Chicago

 

Chapter 16 — Condominium Litigation

Actions between condominium unit owners and the association

Actions involving outside parties

Substantive and procedural issues

Condominium property manager as defendant

Liability insurance for the association, the board, individual directors, and the property manager

Kevin R. Sido, Hinshaw & Culbertson LLP, Chicago, and Newton C. Marshall, Karbal | Cohen | Economou | Silk | Dunne | LLC, Chicago

 

Chapter 17 — Commercial Condominiums

The mixed-use scenario

The “purecommercial condominium

Other commercial projects

Caveat: the “securities” risk

Ability to lease

Unit owners’ association — right to acquire units

Insurance

Involuntary sale of property — the “forced sale” risk

R. Kymn Harp, Robbins, Salomon & Patt, Ltd., Chicago

 

Chapter 18 — Distressed Condominium Developments

Characteristics of a distressed development

Representing the developer

            Strategies for rescuing the project

            Restructuring

            Fiduciary and ethical issues

Representing the association

            Standing to sue

            Claims on behalf of and gaining control of the association

Rights of individual unit owners in a struggling development

Bankruptcy of a Condominium Association

Representing the lender

            Successor developer rights

Liabilities of the successor developer

Strategies for becoming a successor developer

Larry N. Woodard, Robbins, Salomon & Patt, Ltd., Chicago