US Legal Forms
Condominium Master Deed - Residential Condo Development

Condominium Common Element For All Living Things In Cook

Category:

Real Estate - Condominiums

State:

Multi-State

County:

Cook

Control #:

US-00454

Format:

Instant download

Description

The Master Deed establishes a condominium project as per the provisions of the Condominium Act in Cook. This document outlines the rights and responsibilities of co-owners regarding both common elements and limited common elements within the condominium. Key features include the identification of general common elements such as roads, landscaping, and utilities, along with specific limited common elements that pertain to individual units, like private driveways and docks. The form provides instructions for maintenance responsibilities, with co-owners bearing costs for their units while the association manages common areas. It serves as a blueprint for developers and condominium associations, detailing procedures for amendments and reallocation of unit values, making it essential for legal compliance. Useful for attorneys, paralegals, and legal assistants, it supports the formation and operation of housing developments, guiding owners and associates through their rights and obligations in shared living arrangements. This ensures transparency within the community, protecting co-owners' interests and facilitating governance.

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FAQ

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.

Maintenance, repair, and replacement of a limited common element is usually the responsibility of the association except to the extent the declaration shifts that duty to the unit owner.

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 ...

Every contract, whether simple or complex, is considered legally enforceable when it incorporates six essential elements: Offer, Acceptance, Awareness, Consideration, Capacity and Legality.

Inium common areas are community spaces that residents can access within the neighbourhood. These areas are available to all homeowners for use and enjoyment. While all iniums are unique and offer different amenities, some common area examples include: Swimming pools.

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.

Final answer: The incorrect statement about a inium is that owners usually cannot sell or sublease without other owners' approval.

Residential inium, the Common Elements may include the land, the exterior and common areas of buildings (entranceway, halls, elevator, meeting room, etc.), landscaping, roads, any outside parking areas, outdoor lighting, any recreational facilities (swimming pool, tennis courts, clubhouse, etc.)