FHA and the GSEs have different rules for the sale of a condominium versus a stand-alone single-family house. To July 1, 1990 (the effective date of Public Act 86-991), the unit owner leasing the unit shall ship a replica of the signed lease to the board or if the lease is oral, a memorandum of the lease, not later than the date of occupancy or 10 days after the lease is signed, whichever occurs first. The declarant is the unit owner of any models created. A cooperative can also be a form of shared or frequent-interest ownership, although it’s much … Read More...
