A condominium isn't a certain type of building or architecture. It can take many different shapes and forms. Primarily, it's ownership of an individual share in an owner's association. The definition of a "unit" is defined in the governing documents. It can be anything from a commercial or industrial building to a boat dock. You'll have a deed to the unit, which you will own, and an interest in the common elements. You'll pay association dues and abide by the rules and restrictions set forth in the CC&Rs. A standard mortgage loan can be used to purchase a condominium.
A cooperative is housing that is collectively owned and managed by its occupants. Members do not own their individual units, instead they own shares in a not-for-profit corporation which holds title to the property and grants proprietary leases to unit occupants. The lease grants permanent right to occupy the unit and to use the common elements of the property according to the cooperative bylaws, rules and regulations. Instead of the typical "mortgage" obtained to purchase a condominium unit for which the unit itself is collateral, co-op purchasers obtain a "share loan", with their membership certificate or stock share and occupancy agreement as collateral. Only a handful of lenders in the DC area finance co-ops. For lender references, or more information about condos or co-ops, you can email me at susanisaacsrealtor@ gmail.com.
For more on co-ops:
If you have any questions or you're interested in buying or selling a co-op or condo feel free to call or email me.
One more thing to keep in mind, you can get the STAR exemption for your portion of property taxes on a co-op.
-Below Find Out The Differences From Purchasing A Co-op Vs Condo
Difference Between Co-op and Condo
Read my blog entry regarding the difference between co-ops and condos here: http://tinyurl.com/qh8zle
I have several co-ops and condos listed in the area you are looking. If I can be of further assistance, please let me know.
Mitchell S. Feldman
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Co-op ownership represents an interest (i.e. stock) in realty; condo ownership is actual ownership of realty. Price differences reflect demographic and geographic distinctions. You decide whatâ€™s best for you.
"In a condominium, each unit owner owns an individual apartment in fee simple. In addition, the buyer owns an undivided interest in the common elements such as the exterior walls, roof, pool and other recreational areas."
Both condo and co-op owners have monthly maintenance fees to pay, but they can vary, depending on what expenses the fee covers.
In contrast to condominiums, a Co-op, available for purchase, simply involves taking a piece of ownership in an entire apartment building. Under a Co-op, the building is usually financed with an underlying mortgage and the Cooperative Corporation's Board of Directors maintains control of all units and the building as a whole. As a Co-op real estate owner, ownership is limited to shares in the building with monthly payment attributed to the underlying mortgage of the building.
In both Co-op and condominiums, there are, generally, required monthly maintenance fees which are paid in addition to the monthly real estate, or mortgage, payment. This maintenance fee is paid directly to the building owner to ensure common areas of the building are repaired and maintained. It is, however, the responsibility of the individual homeowner to make necessary repairs within the specifically individually owned condominium or Co-op.
In a condo, a condo owner generally owns his/her own unit. Everything within the four walls of the unit belong to the owner. He/she can sell the property, paint the walls, install new appliances (there may be some limitations), and so on. The condo owner has a separate mortgage for his property. In a condo, there are also "common areas"--such as the lobby--which are jointly owned by all the members of the condo association. The association is made up of the condo owners.
In a coop, a coop owner has the right to occupy a unit within a building. The structure is entirely owned by the coop--a corporation. The owner purchases the right--through shares--to occupy a unit. Historically, this has made financing a coop somewhat more difficult since the mortgage for an individual unit isn't secured (can't be secured) by the unit itself. Often, though, there are a limited number of lenders who are willing to provide mortgages for coop purchases. Also, since a coop owner doesn't own his/her individual unit, the coop board generally has the right to approve/disapprove transfers of its stock. Bluntly put, the coop board can approve/disapprove sales.
Hope that helps.