|Top 10 Facts of Condo Living
Top 10 Facts of Condo Living
by Attorney Mark Pearlstein
[reprinted with permission of The Chicago Tribune]
- Expect assessments to increase annually; years of no assessment increase could lead to a large special assessment for deferred expenses.
- Be willing to accept decisions made by others, namely the Board of Directors, in exchange for the convenience of having someone maintain your common property.
- The Association maintains everything outside your unit. Everything inside the drywall is your responsibility.
- You are responsible for any damage that arises from your unit, regardless of whether you were negligent.
- Rules can be changed by an amendment or Board regulation. Such rules include leasing and pets.
- Do not expect the level of silence of a single-family home, but consider that you have neighbors living in close proximity.
- If you own a pet, control it.
- Assessments include a forced savings account called reserves.
- The Board must maintain the building for the benefit of both present and future owners. The attitude that “I will not live here in five years, so why should I pay,” does not apply.
- Respect the property manager who must fill the role of engineer, social worker, police officer and financial manager, while attempting to please the Board members and unit owners.
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