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 Meaning In Illinois
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Here's a glossary of some common Chicagolandspecific real estate words that may come up as you start your local home search. The condo deconversion trend sweeping the city, turning condos into rental apartments is not a simple process for residents, the community or investors."Residential condominium unit" means a condominium unit arranged, designed, used or intended to be used primarily for residential occupancy. "Condominium" means a form of property established pursuant to the Illinois Condominium Property Act. A Practice Note discussing the key issues and requirements for deconverting a condominium in Illinois under the Illinois Condominium. While some condos are detached, in New York City many condos are part of a larger building or highrise, similar to apartment buildings. With the common elements potentially affecting multiple units, property grounds outside of the building, etc. The main difference comes down to ownership. Section 22 (including 22.1) was first proposed to the Illinois legislature on May 9, 1972. "Common areas" means the portion of the property other than a unit.