Experienced Representation In Condominium Conversions
If you are considering converting rental or another 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 emails 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.
What We Can Do For You
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
- Setting 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 six units or more). We will also make sure that a proper plat of the condominiums is included in the report
- Helping you make all required disclosures under the Chicago Ordinances and Illinois statutes, both to prospective purchasers of your new condominium units as well as to tenants who may be currently living in the property you are converting to condominiums
- Reviewing all activities to ensure compliance with the Illinois Condominium Property Act and the Chicago Condominium ordinance
- Negotiating, reviewing and drafting all contracts to minimize your liability
- Obtaining an engineer’s report (where appropriate) to help you comply with statutory disclosure requirements and allow you avoid stiff penalties for noncompliance
- Creating the Master Title report
- Landlord-tenant issues
- Mechanic’s 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 on the near Northwest side of Chicago, with easy access to the Daley Center, the Skokie courthouse, the Rolling Meadows courthouse and the Maywood courthouse. We accept Visa, Mastercard, Discover and American Express.