Real Estate Transactions Attorney in Chicago, Illinois

How can I be sure the purchase price is the best we could get in a Section 15 Deconversion Sale?

More In This Category

View Transcript

a unit owner

does have the ability

to object

to the amount of money that’s being paid

by the buyer for their individual unit

and in the statute there is a process

that they have to follow

but essentially what the statutory

process requires

is that the unit owner designate an

appraiser

that will appraise their unit

then the buyer has to designate an

appraiser to appraise the unit

and if those two appraisers don’t agree

they designate a third appraiser and

that appraisal is binding on the unit

owner and the contract purchaser so

there is a mechanism

to fight over the value

Chicago, IL business attorney Glenn L. Udell explains how to be sure the purchase price is the best you could get in a Section 15 Deconversion Sale.

More Videos From This Lawyer