IL SB2863

Amends the Condominium Property Act to allow unit owners who file written objection within 20 days of a sale approval vote to retain ownership of their unit if fair market value is less than 90% of their original purchase price.

Preserves existing requirements for majority or supermajority votes (50% for 2-unit properties, 66⅔% for 3 units, 75% for 4+ units) to approve condominium property sales.

Maintains the appraisal dispute resolution process where disagreeing parties each designate an appraiser and those two appraisers select a third to determine unit value by majority vote.

Applies to all condominium sales that are pending or commenced on or after the effective date of this amendment.

Takes effect immediately upon becoming law.