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 Illinois
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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 ...
This means common elements could include, but are not limited to, all the following: land, foundations, hallways, stairways, entrances and exits, common parking areas, storage areas, basement, roof, incinerator, pipes, ducts, electrical wiring and conduits, central heating and air, public utility lines, floors, ...
General amendments to inium instruments are governed by Section 27 of the Illinois inium Property Act, which states that an affirmative vote of 2/3 of voting unit owners must approve amendments, unless the inium instruments provide for some other majority vote somewhere between 50% and 75%.
The limited common elements that are identified in declarations are parking spaces, balconies and patios. Fireplaces within a unit would be considered to be limited common elements if they serve only a single unit, as well as the chimney for that fireplace however they are seldom identified.
Limited common elements are defined as any aspects of a shared inium complex that are part of a unit, but are not considered to be the sole property of the owner or tenant.
In inium Associations, individual unit owners jointly own an undivided share of the common elements. In simpler terms, if you live in a 100-unit inium building, each unit owner possesses a 1/100th share of all the common elements.
Most homeowners associations are governed by either the Illinois inium Property Act or the Illinois Common Interest Community Association Act.
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.
General amendments to inium instruments are governed by Section 27 of the Illinois inium Property Act, which states that an affirmative vote of 2/3 of voting unit owners must approve amendments, unless the inium instruments provide for some other majority vote somewhere between 50% and 75%.
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.