Several legislative changes have been made in the Illinois Condominium Property Act, effective with the beginning of 2015.
In one important change, an Illinois condominium association’s rights with respect to a unit obtained in an eviction proceeding have been both improved as well as clarified. Under the new rules, an association which obtains possession of a unit in an assessment eviction proceeding has eight months after the month in which the end of the stay of enforcement of the eviction order occurs to lease the unit. The lease of the unit may be as long as 13 months. If the association fails to enter into a lease commencing within the eight month period or if the rents received within the lease period are not sufficient to make the association whole, the association must obtain approval from the eviction court to enter into a new lease or extend an old lease.
The association may, with interim court approvals as noted above, continue to lease the unit until it has collected 100% of past due assessments, statutory interest (at 9% per annum) under the unpaid judgment amount, attorney’s fees and court costs incurred in the eviction action, reasonable expenses necessary to make the unit rentable and finally all new assessments and other proper charges which accrue during the period after the eviction judgment was obtained. The eviction court retains jurisdiction to determine the reasonableness of expenses of re-renting the unit.
If you have any questions about condominium association assessment collection or other aspects of Illinois condominium law, Kreisler Law can give you the answer. Feel free to contact Kreisler Law at any time.