Condominium Common Element With Bright Red Blood In Chicago

State:
Multi-State
City:
Chicago
Control #:
US-00454
Format:
Word; 
Rich Text
Instant download

Description

The Master Deed establishes a condominium project in compliance with the relevant Illinois Condominium Act, detailing its common elements and legal structure. It includes provisions on the title and nature of the condominium, specifying exclusive rights for co-owners over their individual units while sharing responsibilities for common elements such as roads, landscaping, and utilities. It outlines the common and limited common elements within the project, assigning maintenance responsibilities among co-owners and the association. Key features include definitions of homesites, development periods, and guidelines for use and access to common areas, ensuring a structured living environment. This form is essential for attorneys, partners, and owners involved in real estate, providing clarity on rights, responsibilities, and procedural requirements for condominium management. Paralegals and legal assistants can utilize the form as a reference for drafting or reviewing condominium agreements, while associates rely on it to understand the regulatory framework governing condominium developments in Chicago.
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  • Preview Condominium Master Deed - Residential Condo Development
  • Preview Condominium Master Deed - Residential Condo Development
  • Preview Condominium Master Deed - Residential Condo Development
  • Preview Condominium Master Deed - Residential Condo Development
  • Preview Condominium Master Deed - Residential Condo Development
  • Preview Condominium Master Deed - Residential Condo Development
  • Preview Condominium Master Deed - Residential Condo Development
  • Preview Condominium Master Deed - Residential Condo Development
  • Preview Condominium Master Deed - Residential Condo Development
  • Preview Condominium Master Deed - Residential Condo Development
  • Preview Condominium Master Deed - Residential Condo Development

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FAQ

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.

Sec. 9.1. (a) Other liens; attachment and satisfaction. Subsequent to the recording of the declaration, no liens of any nature shall be created or arise against any portion of the property except against an individual unit or units.

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.

Ing to Sec. 12 of the Illinois inium Act ("ICA"), the property insurance policy for the association must cover the structural elements of the building including the following: Interior and exterior walls, foundation and roof.

4.1. Construction, interpretation, and validity of inium Instruments. (a) Except to the extent otherwise provided by the declaration or other inium instruments: (1) The terms defined in Section 2 of this Act shall be deemed to have the meaning specified therein unless the context otherwise requires.

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Condominium Common Element With Bright Red Blood In Chicago