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 Illinois
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On the other hand, condo owners are responsible for maintaining the interior of their units. This includes repairs to walls, floors, plumbing, electrical systems, and appliances within the unit itself. If applicable, condo owners should also maintain any private spaces, such as balconies.
A condo (short for inium) is basically an apartment that you own. Everything inside your space is yours, and everything outside of it--like the walkways, fences, pools, any kind of landscaping, hallways, stairs, and laundry room--is owned and taken care of by a homeowners association (the HOA).
Drawbacks of Owning a Condo Then, ongoing condo fees can increase over time, adding to your financial obligations. Maintenance costs are another factor for condo owners to weigh. While the community association takes care of common areas, you're responsible for repairs and upkeep within your unit.
In general, the owner usually owns the interior of their unit and the structural components of exterior walls. Condo owners jointly own shared common areas within the community, such as lobbies, pools, parking garages and elevators.
Inium policies help protect your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others. It's easy to get a quote for a inium insurance policy that will provide these coverages.
Buying a condo affords you certain rights such as exclusive ownership of your unit, the authority to rent or lease the unit, and the freedom to use shared facilities without fees. To have a pleasant condo living experience, keep in mind these legal rights for condo owners.
Association insurance should also offer some financial protection. Conversely, if the water leak originates in a unit owner's individual unit, that owner is usually responsible for repairs. This includes leaks caused by plumbing within the walls, appliances or fixtures belonging to the unit owner.
Condo Owners Are Responsible for Interior Maintenance Common elements include portions of the inium serving more than one unit and all parts of the inium outside of the units, including portions of the walls, floor, and ceilings. Usually, the HOA will assume responsibility for maintaining common elements.