Adina Greenberg , my point is inside your own condo,you will have to pay a private contractor to do the wor.
Which does not come out of the common charges like it would in a coop.In a coop your maintenance fee includes all that .I know I own both and a home.

Thu Jun 26 2008, 06:37

Co-op: you own shares like in a corporation and you get a "proprietary lease" as documents of title. What you can and can't do is contained in your proprietary lease.
Condo: you get a deed, just like a house
Co-op: Board must interview you when you buy and interview your buyer when you sell
Condo: No board approval
Co-op: Hard to sublet (some Boards prohibit it) & requires Board approval
COndo: easy to sublet. No fear of Board rejection
Both condo & co-op require monthly payments : maintenance (co-op); common charges (condo)
Both have Board meetings and owner meetings-- review those minutes before buying
Both generate financial reports you should review before buying
Co-op has underlying mortgage, a condo does not.
Condo are normally preferred over co-ops as investment vehicles
Both have offering plans & amendments which describe the nature, construction & condition of the building

Mon Jun 23 2008, 15:18

A key difference is that a co-op board reviews your application, interviews you, and decides if they approve you. They also make all the rules such as regarding pets, subletting, etc. In a cond, however, if you have the money you can buy it. There are condo boards, but they have much less power. They have what is called "the right of first refusal" which means if they want to reject you, they have to buy it (which they won't).

Sat Jun 14 2008, 14:28

Concetta, You pay for the upkeep of the building in a condo as well, it is called common charges. The main difference is that real estate taxes are not included in those common charges as they are in a co-op's maintenance fee.

Sat May 10 2008, 19:33

I am not going to repeat what everyone is telling you. Because there right. But you should know this, with a coop you have a
monthly maintenance fee for services, which could be for the leak in your bathroom to cleaning the hallways. or repairing the heating system etc. so many things I can go on for ever. In a condo you are totally on your own. Unless you gather with the other Condo owners and hirer someone on a monthly basis. To keep every thing nice and clean. A CONDO IS REAL PROPERTY JUST LIKE A PRIVATE HOME AND A
COOP IS OWNING SHARES IN A CORP.




www.concettaprisco.point2agent.com
Robert Defalco Realty
1678 Hylan Blvd.
Staten Island N.Y. 10305
917-674-7136

Fri May 9 2008, 14:31

In a Condo you are buying real property in a same way you would buy a house. In a coop you are buying shares of a corporation which exists strictly for the purposes of owning the building ( not for profit)
Each unit is given a number of shares depending on its size , floor and other factors. When you buy the apartment you are purchasing the shares in the corporations ascribed to that unit. You become a shareholder in the corporation. This is the basic difference.There is much more to be elaborated on in terms of the pros and cons of both. As a rule coops have much more stringent application process and will scrutinize the potential buyer in great detail.

Thu May 8 2008, 20:03

In a condo, you own the unit. If the condo is like an apartment, you own what is inside the four walls. If the unit is free-standing, you may own the land and everything within the walls. It depends on how the whole thing was set up.

In a co-op, you do not own real property. You own shares (kind of like stock) in the whole complex. You are allowed to sell you shares as though it is real property, but it is more prohibitive. Usually there is a minimum down payment requirement and the co-op board can deny entrance if they feel that your circumstances would be hurtful to them in the future.

Sun May 4 2008, 13:12

A co-op is a legal mechanism for ownership of housing where residents either own shares (share capital co-op) reflecting their equity in the co-operative's real estate, or have membership and occupancy rights in a not-for-profit co-operative (non-share capital co-op), and they underwrite their housing through paying subscriptions or rent.

With a condo, you actually own your own section of the building.

Sun May 4 2008, 06:04