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from Local Attorney, Michael H. Wasserman

Monday, February 23, 2009

Proposed Law Would Protect Some Condo Landlord's

Some people buy condominiums to live in. Others buy condominiums and then offer the units as rental properties to others. Still others rent out condominiums when they want to sell but cannot find a buyer and they need the income to cover their expenses.

It turns out however, that many condo owners do not want to allow rentals in their buildings. In those instances, efforts are undertaken to impose rental restrictions of the association, by means of amending the governing rules; the Condominium Declaration and/or By-Laws. Naturally, this can be a terrible problem when the rules change after a rental situation has been created.

Enter West Suburban State Rep.s Sandra M. Pihos & Karen A. Yarbrough who have introduced legislation to address this issue. House Bill 821 proposes to amend the Illinois Condominium Property Act by offering "grandfather" protection to such landlords. If a condo owner's association changes the riles, he or she would be allowed to continue the rentals, without fines or penalties until such time as he/she sells the condo unit.