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The Illinois condominium law -- below -- uses the language "reasonable reserves" which leaves the dollar amount or minimum up to wide interpretation. See Chapter 9: Budgets and Reserves.
Unfortunately for those of us who live in common interest communities, the law and best practices are not in sync on these matters.
Ideally, an association would fund reserves so that the chances of a special assessment to pay for major repairs would be in the 1-2% range. This would be a best practice.
Wiki User
∙ 10y ago
In Illinois condominium law, minimal reserves refer to the minimum amount of funds that a condominium association must set aside and maintain in reserve for major repairs or replacements of the common elements of the property. These reserves are established to ensure that the association has adequate funds to cover future capital expenditures and prevent the need for special assessments on unit owners. The amount of minimal reserves required can vary depending on the size and age of the condominium property.
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Did Illinois ever have common law marriage?
Illinois is one of the states thAT NEVER PASSED COMMON LAW MARRIAGE
What is the state of Florida condominium act?
The Florida Condominium Act governs the operation of condominiums in the state of Florida. It outlines the rights and responsibilities of condo owners, associations, and developers. The Act covers areas such as maintenance, management, financial obligations, and dispute resolution within condominium communities.
Is condominium unit considered real property?
Yes, a condominium unit is considered real property because it consists of a physical structure and land, which are the defining characteristics of real property. Each individual owns an interest in the unit and common areas, which collectively form the condominium property.
Indian cooking odor in condominium is there a law?
There may be rules or regulations in the condominium's governing documents that address strong odors like Indian cooking. It is recommended to review the condominium bylaws or check with the property management to see if there are any specific guidelines regarding cooking odors. If the odor is causing a disturbance to other residents, it may be advisable to try to minimize the impact or come to a compromise with the neighbors.
What are the steps to change bylaws in a condominium association in new jersey?
To change bylaws in a condominium association in New Jersey, you typically need to review the current bylaws, propose amendments through a formal process outlined in the bylaws, hold a meeting to discuss and vote on the proposed changes, and then formally document and implement the approved amendments. It is advisable to consult with legal counsel familiar with New Jersey condominium law to ensure compliance with all legal requirements.
Do condominium owners have to have insurance in accordance with the Illinois condominium property act?
If the Illinois Condominium Property Act says that you **shall** have insurance -- not **may** -- and lays out specific terms and conditions, you are strongly urged to obey the law. In the case of a disaster, without insurance you may be doubly charged: once by the cost of recovering from the uninsured disaster and the second time by the law which may penalize you for not carrying insurance. Your property manager or member of your board will be able to answer your question specifically.
How do you file a condominium lien?
You should contact the law firm that represents the condominium and learn how condominium liens are handled in your state.
What has the author Robert I Shapiro written?
Robert I. Shapiro has written: 'Florida condominium law and practice' -- subject(s): Condominium associations, Condominiums, Forms, Law and legislation
What has the author Alain Coret written?
Alain Coret has written: 'Le condominium' -- subject(s): Condominium (International law)
What are Florida condominium pool rules for food and beverage?
There may be basic guidelines in Florida law, but the law that applies is based in the governing documents for the condominium association that owns the pool. There is no standard
Where do you get a Condominium Declaration?
If you are developing a condominium project, you hire an association-savvy attorney who crafts the governing documents, based on state law that governs condominiums. When you purchase a condominium, by law you are entitled to copies of all your governing documents. (In Washington State, these documents are packaged in the Resale Certificate.) If you own a condominium, and your copies are lost, your association manager can provide you with copies, which you pay for. If you are interested in buying a condominium, again, you can purchase copies of the governing documents, most of which are public record.
What is difference between legal and statutory reserves?
Answer: legal and statutory reserves There is no difference. Both legal and statutory reserves are reserves that must be maintained by law. The previous answer ("Legal reserves are stipulated by law, while statutory reserves are determined in the Articles of Association (the Statute of a company)") is incorrect: the primary meaning of 'statutes' is 'enacted laws'
Can a condominium declaration be cancelled?
Condominium projects are created pursuant to state law. The governing law in your state would be recited in the body of the Master Deed that ceated the condominium. You would need to review the Master Deed for the statute and research that statute to determine how to withdraw the property from its status as a condominium. It can be done. The provisions for terminating a condominium are set forth in the statute and generally involve the assent by majority of (or all) the owners. The most common withdrawal involves a failed condominium project. In that case all the units are acquired by a single owner and that owner can apply to remove the property from classification as a condominium. Such projects are converted into rental properties. You need to check the law in your state.
What is the supreme law of Illinois?
The supreme law of Illinois is the US Constitution followed by the Illinois state constitution.
When was Illinois College of Law created?
Illinois College of Law was created in 1897.
FMLA in conjuction with STD Illinois law?
FMLA is federal law and overrules Illinois standard law.
What CA agency regulates condominiums?
In most states, a state law is the basis for condominium ownership, development and governance. Below is a link from the State of California for condominium consumers.
