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split between the parties. The three appraisers will constitute a panel to determine the value of the property based on, a minimum of, two votes in favor of a specified value.


Whether owners who have underwater units and who vote in favor of the sale can have their liens paid off from the available purchase price is yet to be determined by an Appellate Court or the Supreme Court. However, it seems likely a court would require any excess payment to pay off mortgages and other liens on underwater units from a third-party source.


What Does a Deconversion Mean for an Association and Its


Members? Technically, the association exists until the condominium has been removed the provisions of the Condominium Property Act. When this occurs, the association will cease operations and the purchaser will become the sole owner of the property and the evolution of the association will be complete.


Contrast this with the impact on the membership. While the association will be dissolved, the members of the association will continue on after deconversion. If the members lived in their units, they will need to find new homes. If they were investors, they will need to find new investments. Where the purchaser paid a premium for the property (i.e. more than its appraised value), it is easier for both owners and investors to move on. Where the members did not get a premium, they can actually lose out in the transaction in lost purchasing power for a new unit and closing costs. That being said, there can be plenty of reasons for owners to get out of a bad situation if the association has fallen on hard times that are going to cost owners in the long run.


Gearing Up for a Deconversion! A deconversion starts either from within (owners wanting out) or from the outside (investors wanting in). In either case, an association can take several steps to get itself prepared for the potential end of the association. First, it is always important to


12 | COMMON INTEREST®


• Winter 2018 • A Publication of CAI-Illinois Chapter


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