Illinois condo law percentage of renters? - illinois renters
If the proportion of rental units in a condominium association exceeds a certain percentage, then what happens to the partnership?
They say there are 54 villas and 16 of them are leased, with approximately 30 percent of the apartments are rented. This change in status of the association? Do you have any implications?
And if the 54 villas are rented for 32 years, while it is now the percentage by 60 percent? Is this legal effect?
Saturday, January 16, 2010
Illinois Renters Illinois Condo Law Percentage Of Renters?
2 comments:
I doubt it, unless a percentage of the articles that are not in compliance with the statutes that are necessary to correct the situation should have specified.
The problem occurs when an owner of the lease of more than 45%, government insured loans, like FHA and VA will not be given to interested parties so that the group of buyers, both lower fares.
Now the only way to really know is, this report is to lease it in the official records. And if the tenants who are not then in a lease, the owner should be cited by the association, because I am sure that the statutes specify a lease (probably a year), it is necessary.
Probably not control all national laws, but state law that organizations comply with with their own regulations. If they allow the relationship going, about the law that affects property values, homeowners can a complaint against the association.
The villas have been designed, purchased and not all live in the apartment set. This is something that controls Hoa. There are no laws.
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