Condominium Conversions

Condominium Conversions Attorneys

Condominium conversions can involve highly complex issues and require the legal guidance of attorneys familiar with condominium conversion laws and procedures. If you are a developer interested in converting apartments to condominiums for sale you need an attorney experienced in dealing with the issues that will present themselves as well as drafting documents in the purchase and sale of property for condominium conversion. At Pugh and Payne, P.C., our attorneys have represented developers who have purchased apartments for the purpose of condominium conversion as well as owners interested in converting their building into condominium for the purpose of sale.

We represent the developers, buyers, and commercial investors in condominium conversion sales and purchases. Contact Pugh and Payne, P.C. to speak with one of our experienced condo conversions attorneys.

If you are interested in condo conversion our attorneys will work with you to:

meticulously prepare documents that will protect your rights
work through complicated tax issues so that the condominiums are each taxed separately
subdivide the property into individual units so that they can be sold and so that your buyers can secure loans or mortgages against the units
assist you in establishing the condominium association or the non-profit organization that manages the project, including enforcement of any restrictions on use and occupancy and other regulatory schemes relevant to the organization
divide the property for commercial use on the first or second floors
creating a budget and Property Report for prospective buyers

The legal documents for conversion will protect your rights and interests as a developer and clearly set out the framework for commercial and residential investors. Please contact our firm if you are a developer, buyer, or seller interested in any of the following:

Conversion Process, including regulations and Conversion documents
Tax divisions
Mortgages
Non-profit condominium association
Commercial projects
The Illinois Condominium Act and its requirements
Chicago Condominium Ordinances and its requirements
Property Report preparation
Landlord tenant
Mechanics liens
Residential real estate

We will assist you in the preparation of the required Property Report that you must submit to comply with the Illinois Condominium Act and the Chicago Condominium Ordinance. This report will contain information on the property including how it is taxed after conversion, restrictions on use and occupancy, a plat of condominium or survey of the development, the sales contract, the budget and a forecast of estimated assessments and other related costs, an engineers report, which includes the age of the property and its major components, any new construction on the property, a master title report, and other necessary information required to be disclosed to prospective purchasers.

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Contact Pugh and Payne, P.C. today to speak with an experienced Cook County, Illinois real estate, criminal defense or estate planning lawyer.

Free consultations ● Offices conveniently located on the Northwest Side of Chicago and across from Lake County Courthouse in Waukegan, Illinois, and serving Cook County courts at 26th & California, the Daley Center, the 2nd District Courthouse located in Skokie, Illinois and the 3rd District Courthouse located in Rolling Meadows, Illinois as well as McHenry County Courthouse located in Woodstock, Illinois. ● Se habla Español ● Mowimy po polsku