What Is The Difference Between Condominium And Apartment? The biggest difference between a condo vs. apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo is similar in structure to an apartment — usually a unit within a larger residential building —
What Is The Illinois Condominium Property Act? The Illinois Condominium Property Act prohibits partitions in the condominium association, but this a legal term having to do with dividing ownership among tenants in common. … Assessments are determined according to the percentage of ownership in the Common Elements set forth in the association’s Declaration. What is
What Is Considered Common Area In A Condominium? What is considered common area in a condominium? Common areas are all elements of the condominium development, which are not documented as being part of an individual unit. A homeowners association usually maintains common areas on behalf of all owners. DO condo owners own common area? The