Condominium and Cooperative Law in Illinois
Cooperatives and condominiums are instances of "common interest" communities.
This is a type of community in which the individual residents rent or own residential units in a building, or collection of buildings, but are collectively accountable for taking maintaining the common areas in their communities, such as lawns, gardens, swimming pools, and the like. This responsibility is normally taken care of by charging the residents a periodic maintenance fee, to pay for the upkeep of the common areas.
Just looking at the outside (or inside, for that matter) of a condo or cooperative community, you likely can't tell which it is.
This is due to the fact that there are no visual or physical characteristics that can distinguish one from the other. All the differences between them lie in the ownership arrangements that the residents have. With a condominium, the residents normally own their housing unit, and collectively own the land on which it sits. In a cooperative, the residents rent the units, and the land is owned by a single entity, either a corporation or other type of business association.
Laws and Regulations Concerning Common Interest Communities in Troy, Illinois
There are numerous laws in Troy, Illinois that might be applicable to common interest communities. But most of these laws are not unique to common-interest communities. Rather, they usually concern zoning, land use, and contract law, which are applicable to most other types of real estate, as well.
The daily lives of residents, and what they are and aren't allowed to do in their residences, will be far more heavily impacted by rules and regulations that the homeowner's association, or the owner of the land, has imposed.
The land that common interest communities occupy is normally private property. Therefore, the owners of the property are free to make certain rules governing what is and isn't allowed on it. A good manager or owner will normally make every effort to strike a balance between residents' freedom to do what they want in their homes, and the rights of their neighbors to a safe, clean, and reasonably quiet living space.
This authority, however, has limits. There are some rules which landowners cannot impose. Most obviously, they can't bar people from renting or buying units based on their race, religion, or national origin in Troy, Illinois. This conduct is illegal under state and federal law, and can result in grave civil penalties.
Can a Troy, Illinois Attorney Help?
If you are in a dispute with your homeowners' association, a neighbor, or your landlord in Troy, Illinois, a seasoned real estate lawyer may prove extremely helpful, if the dispute cannot be otherwise resolved.