Although the buildings are often virtually identical from the outside, there are legal and organizational differences between condominiums and apartments. Here, our Chicago condo law attorneys provide a brief explanation of the most important difference.
The Key Difference Between Condos and Apartments: Scope of Ownership
The apartments within a building are typically owned and rented out by a single company — often the firm that owns the building.
In contrast, with a condo building, each individual unit may have a separate owner. The building itself is often controlled by a condo association (community association), which individual unit owners pay assessments to and have a stake in. That is not to say there are no renters in a condo building. However, the landlord is likely an individual unit owner, not the company that owns the building.
Notably, condo owners have both legal rights and legal responsibilities under state and local law. According to the Association of Condominium, Townhouse & Homeowners Associations (ACTHA), the Illinois Condominium Property Act regulates the relationship between individual condo owners and their community association. Additionally, the association’s governing documents are also extremely important.
Speak to Our Illinois Condo Law Attorneys Right Away
At Keough & Moody, P.C., our Chicago condo lawyers are skilled, attentive advocates for clients. To get help from an experienced attorney, please do not hesitate to contact our law firm for a confidential initial consultation.