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remember that the vote of the membership is what matters. If the members will not approve an offer, the association will do nothing but waste its time and resources trying to get it approved. Second, it is imperative for the association’s board to understand the actual value of the property as a whole. The membership will want to know if the deal is a good deal before they vote. Without information on the potential value of the property (i.e. what else could be out there for them), the board and membership will be guessing. As fiduciaries, it is prudent for the board to protect the association’s interests and present them with the best deals. Third, when bona fide offers (legitimate offers that at least give fair value) come in, the board should strive for complete transparency and open communication on both the process and impacts of the deconversion process. An informed membership protects the board from liability regardless of what happens on the vote. Fourth, consider soliciting other offers. Generally, a prospective purchaser will require the association to furnish a lot


of information to them to determine if the deal makes sense. Thus, the association will have already put together the necessary information for other potential purchasers. Additional offers or bids can do nothing but give the membership more information and options to make the best choice for themselves. Finally, the board should utilize legal counsel throughout the process to help with the preliminary matters of the approval and, assuming the sale is approved, complete the closings of the units.


The deconversion process should not scare association boards or their members. It is the potential next step in the evolutionary chain of a condominium association. If the association gears itself up for the process, it will make the process successful regardless of the result.


www.cai-illinois.org • 847.301.7505 | 13


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