Property Ownership
In Illinois, what is a 'condominium' and how does ownership differ from a single-family home?
AA type of cooperative where residents purchase shares; no individual unit ownership
BIndividual ownership of an air space unit plus an undivided interest in common elements, governed by the Illinois Condominium Property Act✓ Correct
CA rental apartment converted to owner-occupancy; no deed transfer
DA type of townhome where each unit has its own lot
Explanation
Under the Illinois Condominium Property Act, condominium owners own their individual unit (the air space) and hold an undivided interest in the common elements (hallways, lobby, amenities). The association, governed by a board of directors, manages and maintains common elements. Owners pay monthly assessments and are subject to the Declaration, Bylaws, and Rules.
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