The River North real estate market is primarily composed of condos. If you are looking for River North Condos or condos in general, there are a few things you should definetely know
What is A Condominium?
The word "condominium" actually refers to a property that is owned a particular way rather than a specific physical description of property. Condos are created under a law called the Illinois Condo Property Act. A condo is a piece of property consisting of multiple "units" and of "common elements and spaces". Each of the condo owners owns a undivided percentage interest in the common elements of the building as a tenant in common with all of the other condo unit owners. A unit owners percentage of ownership determines the share of the common expenses (i.e Assessments) that the unit owner will be responsible for ( i.e if your condo is a 2bed/2bath you will be paying more in assessments that a 1bed/1bath unit owner because you have more square footage)
Condo Declaration
Each condo building is goverend by the Illinois Condo Property Act and aby a condo declaration.The Condo Decleration is the document that indicates what your rights and responsibilities are as a condo unit owner. The Condo Declaration also provides for the creation of the condo associations in which all of the condo unit owners are automatically members of...All condo declarations are not created equal.. Every building is dfferent!!
Other common items included in Condo Declarations are:
1) Board of Managers
2) Assessments
3) Maintanance
4) Use Restrictions
5) Sale or Lease Restrictions
6) Plats, Surverys, Percentage Interest
7) Move In/Move Out Fees, Instructions
When buying a River North Condo or a condo anywhere else, you MUST receive the condominium Declaration information and Bylaws from the sellers so you and your attorney can review them!! Especially when it comes to Sales and Lease Restrictions!!!!!
The last thing you want to do is buy a condo as an investment property with the hopes of renting it out, and find out after you bought it that you cannot rent it out!
MAKE SURE THAT YOU, YOUR REALTOR AND YOUR ATTORNEY GO OVER THE DECLARATION AND BYLAWS!!!!
Looking to Buy or Sell River North Condos or a River North Home? Or just want to speak to an experience Chicago River North Realtor? If so, please CONTACT MEany time day or night ! Let my River North Real Estate experience and my River North Short Sales Experience work for you!
Jim Kontos
President--Broker--River North Real Estate Expert--River North Short Sales Expert
RE/MAX 1st Class
Direct 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jpkontos@gmail.com
www.rivernorthhomes.com
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