Legal Question in Real Estate Law in Illinois
Owners Associations
We recently bought a duplex in a new subdivision. It was stated during the purchase that the company that is currently handling the management of the homeowners association would turn it over to the homeowners when 75% of the properties were sold. They have recently told us they will not do this until 100% of the homes are sold. Can they do this? They are controlling a great deal of our money without any input or control from the homeowners. It could be years or decades before 100% of the homes are sold. What steps can we take to begin to take control of our homeowners association and to block them from changing the 75% to 100% ?
2 Answers from Attorneys
Re: Owners Associations
Hello. Your situation is very troubling because
it does not appear that the 75% rule is in writing. At first glance it appears to me that you may not have a legal remedy and you might have to take your problem to the court of equity.
In Illinois this is referred as the chancery court. Of course this is complicated and hiring
a lawyer to represent you will be a smart move.
Re: Owners Associations
Essentially, I think it impossible to answer your question without examining the document governing the association. You should make an appointment with a lawyer who has knowledge of real estate law in the area in which your residence is located. You probably got a copy of this document at your closing, or, possibly, it is of public record; i.e., filed in the chain of title.
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