This form is a Master Deed. This Master Deed is executed by a developer pursuant to the provisions of the Condominium Act. The deed contains a legal description of the project and the responsibilities of the co-owner.
Condominium Common Element For Sale In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00454
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Word;
Rich Text
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FAQ
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.
The age, condition and size of the building – Older buildings may require more frequent and costly maintenance and repairs. Similarly, if a building has not been adequately maintained over time, there may be a need for significant renovations. All of this can lead to higher fees to cover these expenses.
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 ...
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.
A Common Element inium is comprised solely of common elements such as a private road, parking spaces, mailbox pad, play area and any other common elements and do not include dwelling units/lots.
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.
Most homeowners associations are governed by either the Illinois inium Property Act or the Illinois Common Interest Community Association Act.
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.
