Condominium Development

chicago condominium development law

With more than 28 years of experience in real estate, civil litigation, and contract law, the Chicago condominium lawyers at Jill M. Metz & Associates are prepared to guide you through the condominium development and conversion processes. Our real estate attorneys represent real estate investors, condo developers, and condo association members throughout Cook County.

Contact the law office of Jill M. Metz & Associates for prompt and responsive legal representation wherever you are in the process of condominium development.

Phase 1: Chicago Condominium Development

1. Establishing the legal entity
   • Prepare condo documents and by-laws
   • Prepare the sales contracts
   • Prepare limited warranty documents
   • Draft articles of incorporation for the condo association
   • Obtain an FEIN # for the association
   • Review the budget
   • Review percentage of ownership and assessments
   • Review the survey for limited and common element issues
   • Prepare and review all condominium documents for recording
   • Work with the title company to establish the master file
2. Preparing the new development book or property report if there will be more than six (6) units available to all buyers
   • This will include a sample contract, condo declaration and by-laws, budget, assessments, percentage of ownership, limited warranty documents, and engineer’s report (if needed).
3. Meetings with contractor/developer, real estate agent, and attorneys regarding procedures

Phase 2: Closings

1. Preparing and managing the closing process
   • Review all contracts for purchase and work with purchaser’s attorney on sales contract
   • Order title and coordinate with purchasers’ lender
   • Prepare all documents for closing
   • Set up closing with purchaser and title company
   • Represent developer through power of attorney
   • Work with title company at closing to ensure correct amounts are credited to proper accounts
   • Provide all information needed to establish association accounts with bank

Phase 3: Ongoing Condo Management

1. Managing condo associations
   • Set up association account
   • Bill monthly association dues to each unit
   • Deposit receipts
   • Pay association costs
   • Keep association records

Phase 4: Facilitate Change of Management

1. Ensuring smooth turnover of management of condominiums to condo association members
   • Work with developer of property to turn over money and books
   • Arrange turnover meeting
   • Conduct turnover meeting for new owners, including a one-hour workshop on how to run an association

Condominium development and management issues are a unique area of real estate law. Work with an attorney with knowledge and experience in condo conversion and condominium management. Contact a Chicago condominium lawyer at the law office of Jill M. Metz & Associates for a free initial consultation.

Serving the Lesbian, Gay, Bisexual, Transgender Community and Friends in Chicago and Illinois

The law firm of Jill M. Metz & Associates, in Chicago, Illinois, represents family and business clients throughout Illinois, providing litigation services in Cook County, including Chicagoland communities such as Arlington Heights, Berwyn, Evanston, Glenview, Northbrook, Oak Brook, Oak Park, Orland Park, Palatine, Palos Hills, Park Ridge, Schaumburg, Skokie, Tinley Park, Wilmette.