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 With Apartment Block In Illinois
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"Condominium" refers to a method of ownership and not a physical style or type of building. 1. Tenant Notice or Vacancy Exemption.The property owner is generally required to notify tenants of their intent to convert the building into condos. Although the buildings are often virtually identical from the outside, there are legal and organizational differences between condominiums and apartments. I live in Chicago and I want to build my own 4-unit apartment building. How do I get started? The sale of all the units within a condominium association, also known as a condo deconversion, has gained momentum over the last few years. Following the market crash, Chicago investors began purchasing entire condominium buildings to de-convert them into apartment rental properties. Section 22 (including 22.1) was first proposed to the Illinois legislature on May 9, 1972.