IL HB2533

Extends the objection filing period for unit owners who vote against a condominium property sale from 20 days to 30 days after the sale approval meeting.

Establishes that objecting unit owners receive either the fair appraised value of their interest (minus unpaid assessments) or the outstanding balance of debt secured by their unit (minus unpaid assessments), whichever is greater.

Entitles objecting unit owners to reimbursement for reasonable relocation costs determined under the federal Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970.

Requires remaining reserve funds from property sales to be returned proportionally to unit owners based on their ownership interest at the time of deconversion, with only original owners at deconversion eligible to receive funds.

Applies these provisions to property sales pending or commenced on or after the effective date of the amendments.