Senator Mulroe presents legislation on the Senate floorState Senator John G. Mulroe (D-Chicago) advanced legislation to support condominium owners’ rights in the event of the sale of their building. Under Mulroe’s plan, a higher percentage of condominium owners would need to vote to sell the property for the deal to be approved.

“This legislation is an important step to ensure that the decision to sell a condominium property is truly the choice of the majority of residents,” Mulroe said. “This plan will provide greater protection for condo owners, especially in large buildings, against a forced sale.”

House Bill 2401 requires 75 percent of owners to vote to sell a property if it contains between four and six units and 85 percent of owners to vote to sell a property that contains seven or more units. Under current law, two-thirds of property owners must approve a sale of a property that contains up to three units and 75 percent of owners must approve the sale of a property that contains four or more units. The bill also clarifies that classes of membership, such as resident-owner, refer only to voting and not to other agreements that may distinguish owners.

This legislation passed the Senate without opposition. It now returns to the House for approval of Senate changes before it can advance to the governor’s desk.

Category: Frontpage

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