Does condo have lot size?

Answer It depends on the style of condominium. Read your governing documents to determine the line that separates what you own and what you own with all other owners.If you all live in the same building, ... Read More »

Top Q&A For: Does condo have lot size

Do you have to pay condo fees if condo does not follow guide lines?

Your attempt to correlate your obligation to pay your assessments with the board's responsibility to follow the governing documents is not a valid correlation. Read your governing documents to conf... Read More »

Do you have to pay condo fees if condo board does not follow guidelines?

Apparently, your question implies that using your leverage by not paying your assessments will change the behaviour of the board. This is not a valid assumption. Read your governing documents to b... Read More »

What is the formula to determine the needed reserves for a condo association given the size and age of the condo properties?

The basic way is to identify the components there really is NO specific formula.Set a standard for replacement:Say any item that would cost $10000 to replaceNow you take the useful life span of the... Read More »

Does an Illinois condo owner have to submit a claim on their own insurance even if damages were caused by another condo owner's water leak?

This kind of unfortunate situation that occurs in multi-family housing must be addressed on two levels: First, identify the source, stop the leak, repair what's causing it, and clean up the damage.... Read More »