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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.