This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Rules For Condo Owners In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00452
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000.
"Owning:" Why Condo Owners Don't Own the Land. One of the main differences between buying a house versus buying a condo is that condo owners are not landowners. A condo owner is purchasing an "interest" in the condo association that runs the day-to-day operations of the building, similar to a homeowners association.
For residential property owners, the assessed value equals 10% of the fair market value of the home. For most commercial property owners, the assessed value is 25% of the fair market value. This level of assessed value is the taxable amount of the property, as determined by Cook County ordinance.
With regular iniums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in the case of a freehold inium the owner owns the land and building and the corporation owns common shared roadways and amenities.
A inium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
Land iniums are iniums where parcels of land are the inium units. There may or may not be structures built on the units, but the structure is treated as a part of the unit.
Inium is a Latin word that means "Owning property together." That's what it is like when someone buys a condo unit. They have an "interest" in the land beneath the building, but the building's association owns the actual land.
Inium Rules means the Rules for the use of the Premises that are adopted from time to time by the Board of Directors. inium Rules . Your unit is confirmed with the understanding that you will adhere to the rules and regulations set by individual inium or homeowner associations.
More info
Most homeowners are eligible for this exemption if they own and occupy their property as their principal place of residence. Comply with all local ordinances and agree upon landlord rules.Unless otherwise agreed, only use their dwelling unit as a dwelling unit. The declaration will also commonly contain various restrictions against owners using the property or the units in a certain way. The declaration may be. First-time applicants must have been the occupants of the property as of January 1 of the tax year in question. Our Cook County condo law attorneys help clients establish, enforce, and modify rules within a condo association. 1. Only the title owner of the property, their attorney, or an authorized agent may file the application and only in the owner's name. And how can I find out the owner of a property? The Cook County Clerk's Office maintains the official government records regarding property ownership.