What are some condo association management companies in Chicago?
Some condo association management companies in Chicago include Root Reality, Inc and SGJ Property Management. You can learn more about these companies online at their respective websites.
The condo association may file a lien against your condo unit. If you still don't pay the dues you owe, the condo association may sue you to foreclose on your condo. I highly recommend working out a payment plan with the association, if possible. When you don't pay your assessments, essentially you ask your neighbors to pay your bills.
First, the conodminium association placed the lien, the management company just did the paperwork. A lien is placed on your condo to make sure you can't sell it without the back debts being paid. It is done to protect the association. This is usually done when assessments aren't paid on time. If you have fallen behind on your payments, then the association can withhold certain services, possibly even turning off utilities (depending on your documents…
generally this is going to be your homeowners association within the condo, although it can many times be managed by a professional management company. I personally live in a PUD (Planned Unit Development) community, which is very similar to a condo complex. In my neighborhood, all of our property maintenance and insurance issues are handled through the HOA. If all else fails, you could contact your condo association and ask them. hope this helps!
A condo rental in Chicago can vary depending on the area, the size of the condo, and how many rooms or features are desired. The best way to find the most current information on what a rental condo in Chicago costs would be to look for information online or contact a local real estate agent in the Chicago area.
Since we have a Management Company which handles all matters regarding the Condo Association could our community function without a Board of Directors?
A little, but they are different. A townhouse is usually a row house, one of several attached buildings. They may have completely separate ownership. A condominium ("condo") is often more like an apartment but essentially it is a residence that is part of a group that has shared management and maintenance. The condo owner is responsible for inside the walls the a Home Owners Association (HOA) is responsible for the outside and the grounds. The…
Fiile a noise complaint with the Condo association and if that doesn't work, the local police department. Added: Loud noises from whom or what? The Condo Association MAY have control over some annoyances but for others you may need the police (as advised above). Speak to your Condo Board of DIrectors to see if they can assist you.
Generally, unless specifically defined elsewhere, personnel in this context covers persons who are in the employ of the condominium association. It may also cover personnel who work for the management company. Generally, it does not cover, and may specifically exclude, volunteer board members or committee members.
Can your condo association put a lien on your condo if you haven't been able to pay your maintenance fees?
Short answer: yes. Longer answer: If you are unable to keep up with paying your assessments, it's always a good idea to relay this information to your association management company and work out a payment plan. Working out a payment plan demonstrates your good intentions to pay what you owe. Ignoring attempts to collect what you owe demonstrates your willingness to require that your neighbors pay your bills.
There are lots of prices for condo's in the Chicago area. All of them have different factors that will affect the price. Age of the condo, dues, age of appliances, and location are all factors that will dictate the price. Also, if the condo is a foreclosure will have some bearing on the price. Generally someone can purchase a condo for about $250,000.
It is apparently at least a conflict of interest if the board member owns the association management company hired by the condominium association to manage the condominium community. Review your governing documents that might address a board member's conflict of interest in such matters. You may find an answer there. Contact an attorney to discover whether or not this conflict of interest presents a legal issue in your location.
Read your governing documents and determine under which provision your condominium is being foreclosed. It isn't the maintenance company doing the foreclosing, it's the association's board of directors, perhaps through the maintenance or management company. A condominium unit can be foreclosed upon by the association for non-payment of assessments, which owners are legally bound to pay.
No, only defined "common areas" owned by the condo association are considered common areas, and unbuilt lots usually belong to an individual (e.g., the developer or an investor). If the association owns them, they are most likely reserved for sale to a future tenant/builder, although the proceeds of the sale will go to the association.
Does a condo association need workers comp insurance if they have no employees and use a property management company for maintenance etc?
Usually, if the maintenance staff works for the property management company, the management company is responsible for bonding, licensing and insurance for the staff, which may include workers compensation. Or, your state law may dictate how workers compensation insurance is handled by non-profits, for example. Before you begin any maintenance work for an association, and if you're concerned about coverage, find out who carries it.
IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?
Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo owners) of the common spaces. There will be (at least) two insurance policies in effect: (1) the condo association policy, which covers (at least) the common areas, and (2) your own personal policy, which covers the contents of your condo apartment…
What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?
A creditor that has perfected its lien by a court action can take possession of a property as a result of the debtor's failure to pay their debt. An HOA that has a lien on your property for unpaid fees can take possession of your property by foreclosing on that lien. Generally, in the case of an outstanding mortgage, the HOA would take possession of the property subject to the mortgage. However, the mortgage would…
Typically, each condo association has their own Declarations and By-Laws. What may be acceptable in one association may not be in another. Refer to the one associated with the Condo in question. If you don't have a copy ask your association. If you need help reading the verbiage, it is best to ask for legal assistance.
Can a condo homeowner be charged a fee to obtain a master condo association flood certificate of insurance?
Depending on the source of the certificate, it may be that there are expenses related to producing it. The management company may have a set fee for all copies, scans and so forth. The insurance company may have already provided a copy to the association, and your request is for a duplicate copy. The insurance company may charge for it. The fee should not be excessive; it should be nominal. Unless there are extraneous circumstances…
Who is responsible for changing the ownership name from developer to homeowners association on condo docs in NH?
Read your governing documents where you will find a definition of the transition process, where the developer -- declarant -- transfers control of the project to the control and management of the association by its owner-elected board. Lacking the inclusion of this process in your governing documents, read your state law. You can follow the link to it, below. This is also a process best accomplished under the guidance of an experienced association management company…