FHA and the GSEs have totally different guidelines for the sale of a condominium versus a stand-alone single-family home. Simultaneously with the recording of the amended plat, the developer in the case of an add-on condominium, or the President of the board of managers or other officer in different situations authorized on this Act shall execute and file an amendment to the declaration setting forth all pertinent points of the transaction including the reallocation or adjustment of the widespread interest.
Bearing partitions, bearing columns, or some other apparatus lies partially within and partially outside of the designated boundaries of a unit, any portions thereof serving only that unit shall be deemed a part of that unit, while any parts thereof serving a couple of unit or any portion of the widespread parts shall be deemed a part of the common parts.
August 30, 1984 or encumbrances executed subsequent to August 30, 1984 which are neither bonafide first mortgages nor belief deeds and which encumbrances include an announcement of a mailing deal with in the State of Illinois where notice may be mailed to the encumbrancer thereunder, if and at any time when and as often as the supervisor or board of managers shall ship, by United States licensed or registered mail, return receipt requested, to any such encumbrancer at the mailing handle set forth in the recorded encumbrance a statement of the quantities and due dates of the unpaid frequent expenses with respect to the encumbered unit, then, unless in any other case provided in the declaration or bylaws, the prior recorded encumbrance shall be topic to the lien of all unpaid frequent expenses with respect to the unit which become due and payable inside a period of 90 days after the date of mailing of every such discover.
On this part, “assessments” means common and special assessments, dues, fees, expenses, interest, late charges, fines, assortment costs, legal professional’s fees, and any other amount because of the affiliation by the unit proprietor or levied against the unit by the affiliation, all of that are enforceable as assessments below this part except the declaration supplies in any other case.
The gathering of a unit owner’s financial obligation to the Affiliation, together with fees charged by a supervisor or managing agent, shall be added to and deemed part of an proprietor’s respective share of the frequent expenses until: (i) the managing agent fees relate to the costs to gather widespread expenses for the Affiliation; (ii) the fees are set forth in a contract between the managing agent and the Association; and (iii) the authority so as to add the management charges to an owner’s respective share of the frequent expenses is specifically stated in the declaration or bylaws of the Association.