What is the Definition of Condo?

"Condominiums are buildings in which individuals separately own the air space and structures inside their unit as well as the surfaces of the floors, walls, and ceilings, but they jointly own an interest in the common areas that they share such as elevators, hallways, dividing and outer walls, swimming pool, and parking lot. Maintenance of these areas and allocation of the funds becomes the responsibility of a condominium association, also known as a unit owners' association." (Illinois Association of Realtors definition, 2007)

Condos are unique in many ways.  The most recognizable difference in owning a condo vs. a single family home is the association monthly dues called "assessments."  Assessments are fees that are paid to the building to take care of things like maintenance. Assessments vary per building due to the size, location, age, maintenance requirements, and amenities that are unique to each.

Condos are governed by a condominium declaration plus, rules and regulations. All of these documents are disclosed to the buyer and the buyer's attorney for review prior to completion of a transaction. This is an important point as a condo buyer should do their homework and make sure that they understand the current conditions and rules of the condo that they want to live in.

The role of the agent at this point is to make sure that all documents are delivered to the appropriate parties, and to assist the home buyer and their attorney in getting the correct information over to the appropriate party for review.

All condo associations are governed by the "Illinois Condominium Property Act" which you can find a summary of in our glossary section simply by clicking on the above highlighted words, or going to condo jargon in the glossary section.  This Act is the skeleton of all condo association, but the organization and expertise of each association varies and must be looked into before the transaction is complete.

To get a more complete education on what purchasing a condo entails, please contact an agent we'll be happy to guide you through the process.