Condominium and Cooperative Law in Illinois

Cooperatives and condominiums are examples 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 responsible for taking maintaining the common areas in their communities, such as lawns, gardens, swimming pools, and the like. This responsibility is usually taken care of by charging the residents a periodic maintenance fee, to pay for the upkeep of the common areas.

Simply 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 usually 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 form of business association.

Laws and Regulations Concerning Common Interest Communities in Waterloo, Illinois

There are many laws in Waterloo, 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.

Your daily life in a cooperative or condominium community is more likely to be affected by the rules set by the owners or managers of the property, rather than the laws of your state or city.

The land that common interest communities occupy is usually 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 usually 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.

Some of these rules, however, may not be enforceable, if push came to shove. This would depend on the specific laws of Waterloo, Illinois which govern landlords and tenants.

Can a Waterloo, Illinois Attorney Help?

If you have a problem with your landlord, your community association, or a neighbor (which the landlord is unwilling or unable to address), an experienced real estate attorney in Waterloo, Illinois will be able to help.