Does the purchase of a condominium present any additional concerns?
A condominium is a form of property ownership in which each owner holds title to his or her individual unit, plus a fractional interest in the common areas of the multi-unit project. You may share the common areas with as few as one or two other owners, or as many as a hundred or more.When buying a condominium, therefore, it is important to understand not only what you are buying, but also what you are buying into.
Illinois law requires a condo association to provide a potential buyer with information on items such as the rules and regulations of the association, its financial condition and operating budget, insurance coverage, how many units are owner-occupied, liens and judgments against the property, and so on. However, this information must be specifically asked for, so make sure your contract is contingent upon a satisfactory review of the documents you will be provided.
