A Condo or a Co-op?

 The Condominium

Condominiums may be either vertically stacked or horizontal units. An individually owned portion is called a unit or manor and consists of interior space within a defined set of walls, floors and ceilings. Condominium owners are responsible for the maintenance of the interior space of the unit and also the furnace, air condiitioning and water heater. The condominium owner has exclusive use of deck, patios and parking areas assigned or attached to their unit. In a condomiunium association, each homeowner owns a share of all the land in the association. For example, if there are 75 homeowners in the Mutual, each homeowner owns 1/75th of the Mutual, not necessarily the land under of near the home. The home can be placed in a trust or willed to heirs like other property.

The Cooperative

In a co-op the buyer is purchasing a membership in a corporation. He is not purchasing a specific manor but is buying an equity position in a corporation. The corporation owns all the buildings and the lands within the association. The buyer signs an occupancy agreement, which is similar to a rental agreement. Co-op buyers are responsible for the maintenance of the interior space of their home. They have exclusive use of that space and a carport space. The Homeowner Association maintains the exterior of the building, the furnace, air conditioner, and some kitchen appliances. Co-ops can be put in wills and in trusts. Co-ops can not be owned by a corporation. Co-ops may be financed by the National Cooperative Bank.

Let me help you decide which type of residence is best suited to your needs.
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