are houses on East candlenut Lane condos or townhouses? Whats really the difference?

Asked by Linda, Illinois Tue Mar 11, 2008

Are these building good enough to raise a family

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RCWessel & A…, , 60525
Sun Mar 16, 2008
They are condominiums, 29 in fact.
A condominium is a form of housing ownership. It is the legal term used in the United States and in most provinces of Canada. Colloquially, the term "condo" is often used to refer to the unit itself in place of the word "apartment." Technically, the condominium is the whole collection of individual home units along with the land upon which they sit. Individual home ownership is composed of only of the air-space within the boundaries of the home, as defined by a document known as a Declaration. Typically these boundaries will include the drywall surrounding a unit, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium’s creation. The corporation holds this property in trust on behalf of the homeowners as a group–-it does not have ownership itself.
The primary attraction to this type of ownership is the ability to obtain affordable housing in a desirable area that typically is beyond economic reach. Additionally, such properties benefit from having restrictions that maintain and enhance value, providing control over blight that plagues some neighborhoods.

Typically, a condominium consists of multi-unit dwellings (i.e., an apartment or a development) where each unit is individually owned and the common areas, such as hallways and recreational facilities, are jointly owned (usually as "tenants in common") by all the unit owners in the building. It is also possible for condominiums to consist of single family dwellings: so-called "detached condominiums" where homeowners do not maintain the exteriors of the dwellings, yards, etc. or "site condominiums" where the owner has more control and possible ownership (as in a "whole lot" or "lot line" condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods and gated communities.

A homeowners association, consisting of all the members, manages the condominium through a board of directors elected by the membership. Another variation of this concept is the "time share" although not all time shares are condominiums, and not all time shares involve actual ownership of (i.e., deeded title to) real property. Condominiums may be found in both civil law and common law legal systems as it is purely a creation of statute.

The restrictions for condominium usage are established in a document commonly called a "Declaration of Condominium." Rules of governance are usually covered under a separate set of Bylaws. Finally, a set of Rules and Regulations providing specific details of restrictions and conduct are established by the Board and are more readily amendable than the Declaration or Bylaws. Typical rules include mandatory maintenance fees (perhaps collected monthly), pet restrictions, and color/design choices visible from the exterior of the units. Condominiums are usually owned in fee simple title.
In general, condominium unit owners can rent their home to tenants, similar to renting out other real estate, although leasing rights may be subject to conditions or restrictions set forth in the declaration (such as a rental cap for the total number of units in a community that can be leased at one time) or otherwise as permitted by local law.
1 vote
Heidi, , Barrington, IL
Tue Nov 10, 2009
This subdivision is a townhome community. The major difference between a townhome and condo community is that a townhome will have it's own private entrance, whereas a condo will have a central entrance for all units in the building.

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0 votes
Eric Egeland, Agent, Buffalo Grove, IL
Tue Aug 4, 2009
They are townhouses. The biggest difference (generally speaking in our area) between a condo & a townhouse is that a townhouse will have a private entrance whereas a condo will have a common entrance into the building.
0 votes
Linda, Home Buyer, Illinois
Sun Mar 16, 2008
Yes the ones in Palatine IL 60074
0 votes
RCWessel & A…, , 60525
Thu Mar 13, 2008
Are you referring to the units in Palatine?
0 votes
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