Illinois Property Division Attorney
Experienced Representation in Condominium Conversions
If you are considering converting rental or other property into condominiums, you want an experienced attorney who can protect your interests. Condominium conversions involve a number of interested parties, and are governed by city ordinance as well as state law. You want a lawyer who understands all the intricate details involved, one who has successfully helped others in similar circumstances.
At The Payne Law Office, Chartered, we offer experienced and knowledgeable legal counsel to developers in projects involving condominium conversions. We give our undivided attention to every detail of your project, and place a high priority on responsiveness, striving to return all your calls or e-mails in a timely manner. We are dedicated to staying current on all changes or developments in the law governing condominium conversions, so that we can effectively protect your interests.
, contact our office online or call us at 773-467-8991 or toll-free at 888-827-3077.
Our Condominium Conversion Practice
We represent the developers, buyers, and commercial investors in condominium conversion sales and purchases. We provide a broad range of legal services in condo conversion proceedings, including:
- Thorough preparation of the condominium documents
- Taking the steps necessary to properly set up a condominium association, as well as regulations, restrictions and enforcement issues for the condominium project
- Helping you with property division issues, such as dividing property between commercial units and residential units that can be sold to individual purchasers, mortgaged, and/or rented
- Complete tax division issues to ensure each condominium unit, commercial or residential, is taxed separately
- Working with you to create a budget for the condominium construction/conversion
- Helping you with report preparation, such as the property report, if required (In Chicago, this must be done for projects involving 6 units or more). We will also make sure that a proper plat of the condominiums is included in the report.
- Reviewing all activities to ensure compliance with the Illinois Condominium Act and the Chicago Condominium ordinance
- Negotiating, reviewing and drafting all contracts to minimize your liability
- Obtaining an engineer's report (where appropriate), which includes the age of the property, as well as an analysis of all major components at the property, including heating, air conditioning, roof and foundation status. The engineer's report, coupled with the property report, helps you comply with statutory disclosure requirements, helping you avoid stiff penalties for non-compliance. The property report, which includes the engineer's report, is necessary on certain projects to fulfill your obligations under both the Illinois Condominium Act and the Chicago Condominium Ordinance. By way of disclosure, it outlines and highlights for potential buyers how the condominiums will be taxed, the restrictions on use and occupancy, the plat of condominium (survey), the sales contract, budget and a prediction of assessments and other costs associated with the condominium project.
- Creating the Master Title report
- Mechanics' Liens
- Residential Real Estate
Contact Attorney Matthew S. Payne
We provide a complimentary consultation to all new clients. To set up an appointment, contact us online or call us at 773-467-8991 or toll-free at 888-827-3077. We are located near the Daley Center, the Skokie courthouse, the Rolling Meadows courthouse and the Maywood courthouse. We accept Visa, MasterCard, Discover and American Express.