Property Management
When a landlord converts an apartment building to condominiums in Illinois, the existing residential tenants must typically receive:
ANo notice is required by law
BA 30-day notice to vacate
CProper notice of the conversion and the right of first refusal to purchase their unit✓ Correct
DAutomatic ownership of their unit upon conversion
Explanation
Illinois law (and the Illinois Condominium Property Act) requires that tenants in buildings being converted to condominiums receive proper advance notice and typically have a right of first refusal to purchase their unit before it is offered to outside buyers. Conversion procedures vary depending on local ordinances.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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