A condominium is a combination of co-ownership and individual ownership. Those who own an apartment or a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment or condominium unit in the building is individually owned. In some States, the owners of the various units in the condominium have equal voice in the management and share an equal part of the expenses. In other States, control and liability for expenses are shared by a unit owner in the same ratio as the value of the unit bears to the value of the entire condominium project. The bigger condominium owners would have more say-so than the smaller condominium owners.
This Agreement to Lease a Condominium Unit is similar to a lease of an apartment.
Condominium Without Apartment Block In Chicago
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State:
Multi-State
City:
Chicago
Control #:
US-00413BG
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I think part of the problem with filling the vacant spaces is that they almost all require the tenant to build them out to suit their needs. The condo deconversion trend sweeping the city, turning condos into rental apartments is not a simple process for residents, the community or investors."Condominium" refers to a method of ownership and not a physical style or type of building. Following the market crash, Chicago investors began purchasing entire condominium buildings to de-convert them into apartment rental properties. Call 3-1-1 or visit the 3-1-1 website to report a problematic vacant building or occupied building with a vacant storefront. Although the buildings are often virtually identical from the outside, there are legal and organizational differences between condominiums and apartments.