Who assesses condominium owners?

Answer Condominiums are corporations that operate living quarters, the shared exteriors and amenities for which are owned by all members of the condominium association. (The interior of the living units a... Read More »

Top Q&A For: Who assesses condominium owners

Do condominium owners have to have insurance in accordance with the Illinois condominium property act?

If the Illinois Condominium Property Act says that you **shall** have insurance -- not **may** -- and lays out specific terms and conditions, you are strongly urged to obey the law. In the case of ... Read More »

If the Home Owners Association for a condominium community hires a roofer to make repairs to the common area and there is damage to a unit owners personal property who is responsible for the damages?

It all depends.Depending on the insurance policy you carry on your personal property, and depending on the insurance carried by the association and the insurance carried by the roofer, there would ... Read More »

What is the difference between a condominium and a home owners association?

Generally, a condominium is a collection of multi-family units and an HOA consists of single-family units. However, this generalization is not always exact.Both are ownership styles of real estate,... Read More »

Do condominium buildings hold their value better if they do not allow the owners to rent them?

Condominium buildings and thus units within them hold their value if renters live there as though they were owners, fully informed of the guidelines contained in the governing documents, but withou... Read More »