What will happen to my share if the building go into receivership I live in a co-op that the city will take way because of poor condition?

Asked by Carlotta, Chicago, IL Sat Dec 3, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Accurate Ins…, Other Pro, Chicago, IL
Sun Dec 4, 2011
BEST ANSWER
Under Receivership all owners do NOT lose everything. As much as some people like to complain about receiverships they are a vital and necessary tool for the City and Housing Court to deal with particular building and association issues.
First off the City is not interested in taking your building away. That is a common misperception by people because they don't understand the process. Because of the court case it may seem like the City is trying to take the building. However, the City's interest is to get the building stabilized and safe. Those two conditions can of course cover a wide range of actions.
Just because the building goes into Receivership does NOT mean you lose legal ownership interest in your share of the building. You retain your legal ownership rights, those are NOT voided or canceled out in any way (so long as the Receivers costs are paid).
If the City is seeking to appoint a Receiver, then there are serious issues at this building. The City doesn't do this because they have nothing better to do. There are a number of important issues that come along with this type of situation. I suggest you contact an experienced Housing Court attorney. I have a couple listed on my website. You can also give me a call to discuss general questions.
It is important to understand that this is typically a long process. People may or may not have to vacate the building. There are likely to be major costs involved. The City typically wants a Receiver in place to deal with imminently dangerous building issues that current owners are either unwilling to deal with or unable to deal with.
Web Reference:  http://aic-chicago.com
0 votes
Barbara Bark…, Agent, Chicago, IL
Sat Dec 3, 2011
Carlotta, please email me, I have some questions about your building. barbara.smartproperty@gmail.com
0 votes
Philip Sencer, Agent, Chicago, IL
Sat Dec 3, 2011
You probably should have your Board consult with an attorney, but I believe in Receivorship all owners lose everything.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more