Deconversion of Condominium Units: Addressing Multifamily Rental Needs in Tight Real Estate Market
Risks to Developers and Owners, Legal Process, Liability of Condominium Boards and Disclosures
Recording of a 90-minute premium CLE video webinar with Q&A
The CLE webinar will address the deconversion of condominium units into multifamily rental units and the risks and benefits of this process. The panel will discuss the issues for developers and condominium ownership, the legal process, and the liability of condo board members who conduct a deconversion.
- Deconversion of condominiums to apartments
- Developer issues
- Owner issues
- Legal process
- Chicago examples
- Condominium board liabilities
- Other best practices and considerations
The panel will address these and other key topics:
- When should a condominium association consider a deconversion offer?
- What can hold-out owners do to prevent a deconversion?
- What liabilities does a condo board face when attempting a deconversion to apartments?
Kathryn Kovitz Arnold
Partner; Chair Real Estate Practice Group
Taft Stettinius & Hollister
Ms. Arnold is the Real Estate Practice Group Chair and also heads the firm’s Condominium Practice Group which... | Read More
Ms. Arnold is the Real Estate Practice Group Chair and also heads the firm’s Condominium Practice Group which handles all aspects of condominium law, including development, conversion, de-conversion, and working with homeowner’s associations. For over 30 years, through her wide-ranging real estate practice, Ms. Arnold has played a key role in shaping the landscape of many of Chicago’s most diverse neighborhoods and business communities. She focuses in the areas of real estate development, commercial and residential condominium development and conversion, leasing, mixed-use projects and high-rise development, restaurants, vertical subdivisions and separations, and commercial financing (lender and borrower representation). A focus of her practice has been condominium de-conversions. Ms. Arnold has served as lead counsel for the buyer on some of Chicago areas largest condominium de-conversions.Close
Kelly C. Elmore
Principal; Chair of the Deconversion Department
Kovitz Shifrin Nesbit
Ms. Elmore advises condominium, homeowner, and townhome community associations on all aspects of corporate law... | Read More
Ms. Elmore advises condominium, homeowner, and townhome community associations on all aspects of corporate law including: association contracts, amendments to declarations and by-laws, rule enforcement, the special assessment process, board elections, assessment collection, foreclosures and bankruptcy issues, developer turnover, construction defect disputes, and contract review. She is Chair of the firm’s Deconversion Department and advises condominium associations on the complex process of condominium deconversion (or “Section 15 sale”). In this process, a buyer or developer purchases a condominium property and converts the property into apartment rentals. Considered by many in the industry to be the leading authority in the deconversion process, Ms. Elmore is a regular guest speaker and panelist for various industry lectures, seminars and panel discussions.Close