Condo Common Elements For Sale In Chicago
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Most homeowners associations are governed by either the Illinois inium Property Act or the Illinois Common Interest Community Association Act.
Ing to the Illinois Department of Financial and Professional Regulation, an individual condo owner may be forced to sell their property only if 75 percent of unit owners vote in favor of a bulk sale.
Common Elements of the inium Corporation are the land and structures in the inium Corporation other than the units themselves, such as the exterior landscaped areas, recreational facilities, parking garage, hallways, elevators, corridors, public washrooms, lobby areas, driveways, garbage rooms, electrical ...
If the water leak originates from a common element of the inium building, such as the roof, foundation, plumbing in shared walls or common pipes, the condo association is generally responsible for repairs.
Limited common elements can add much flexibility to associations boards and unit owners' rights and responsibilities. However, they are still limited common elements and the board is charged with exercising responsibility over them and over every unit owners use of that property.
A common element is defined as all portions of the property except the units. Examples of common elements include fitness centers, elevators, lobbies, walkways, lighting in common hallways, garbage collection areas, swimming pools, landscaping, club houses, and more.
Every contract, whether simple or complex, is considered legally enforceable when it incorporates six essential elements: Offer, Acceptance, Awareness, Consideration, Capacity and Legality.
Definition of common elements in a inium, those portions of the property not owned individually by unit owners but in which an indivisible interest is held by all unit owners. Generally includes the grounds, parking areas, recreational facilities, and external structure of the building.
Kitchen appliances within the units are not considered part of the common elements of a inium project since they are typically owned and maintained by individual unit owners. Swimming pools and greenbelt areas are examples of common elements as they are shared facilities within the inium project.
