Benchmark Title Company, LLC

 

Condominiums

John Howe

Condominiums

Condominium form of ownership of apartment buildings has gained increasing popularity in this area in the last few years, and I am sure will grow more in the near future. Under the condominium laws enacted in most states, the occupant of each unit holds fee simple title to his apartment and also a specified share of the indivisible parts of the building and the land.
 

Under condominium ownership, the land and the apartment building are “subdivided” into two primary segments, one being the apartment itself and two being the fractional shares of the common elements (the indivisible parts such as the lot, hallways, stairs, elevator, roof, etc.). The condominium declaration, along with the plat of subdivision, is recorded in the Recorder’s office of the County in which the property is located. Each owner that purchases an apartment unit is bound by the terms of the plat and the declaration. The subdivision plat describes each unit by numbers and the percentage of common elements allotted to each, all together representing the entire parcel of real estate, building and land.
 

Each unit can be mortgaged individually, and is assessed individually so each will receive its own real estate tax parcel number and tax bill. A default in payment of the taxes or the mortgage relating to one unit creating a foreclosure situation of that unit does not affect the ownership of the remaining units. In the event one owner of a unit decides to sell his unit, the condominium declaration generally provides that he must first offer it to the other owners who retain a “right of first refusal”. There is most often a monthly condominium assessment attached to each unit to cover the cost of the maintenance of the common elements, insurance, operating costs, etc. There may also be special assessments imposed for large improvements.
 

It should also be noted that a condominium is a form of ownership and while it is usually used for residential properties, it may be used for other types of buildings, such as office buildings.
 

If you have any further questions regarding this kind of real estate ownership, please call Benchmark Titles office and ask for John, Doreen, or Michelle, I am sure we will all be happy to discuss this issue with you.
 

Any questions can be directed to Benchmark Title at 618-239-3750. Please feel free to call or email:  

John Howe
President

Doreen Miller, Esq.
Vice President and General Counsel

Michelle Null
VP Escrow Operations

Bethany Bond
Marketing Director


Serving you from three convenient locations:

Main Office:
1124 Hartman Lane
Shiloh, IL 62221
Ph: 618-239-3750
Escrow Fax: 618-239-3707
Title Fax: 618-239-3757
Fax Orders: 618-310-1589
President: John Howe
www.benchmarktitle.net

318 North Main St.
Columbia, IL 62236
Ph: 618-281-9700
Fax: 618-281-9705
Manager: Randi Schur

4215 S. State Rte 159
Glen Carbon, IL 62034
Ph: 618-288-1695
Fax: 618-288-1852
Manager: Sara Sowell




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