Jul 22, 2016
Successor developer status requires a recorded, written, assignment of rights – PA 99-0569
Public Act 99-569 now requires that assignment of successor developer rights be written and recorded. This law amends the Illinois Condominium Property Act, adding Section 9.5, and the Illinois Common Interest Community Associations Act, adding Section 1-47 with the same change that states, “Any assignment of a developer's interest in the property is not effective until the successor: (i) obtains the assignment in writing; and (ii) records the assignment.” The change will be effective January 1, 2017.
This means that successor developer rights pass only with a written and recorded statement assigning rights. This shall help to clarify the status of “successor developers” in condominium and common interest properties, eliminating some of the confusion when successor developers take original “declarant” or developer rights in some developments.
Please contact us if you have any questions or wish to discuss this update.
This Chuhak & Tecson, P.C. communication is intended only to provide information regarding developments in the law and information of general interest. It is not intended to constitute advice regarding legal problems and should not be relied upon as such.
Client alert authored by: David J. Bloomberg, Principal