For any potential buyer, the following is important to know:
As a condo owner, you own your unit and pay a fee that provides for the land beneath the complex and the common services provided. Owners pay a montlhy common charge and separate real estate taxes. In regard to a coop ownership, you own shares in a corporation that actually owns the complex in its entirety. Your shares represent the ownership of your interest in the unit itself. You pay a maintence fee that is a combination of any mortgage/bond interest that the corporation is obligated to, plus maintenance/real estate taxes. One combined payment often charge monthly. Condomiums are more prevalent than coops on the North Fork and Greenport has several options. The key to common ownership, for both coops and condos is that there are covenants and restrictions regulating the use of the units. Check these carefully before purchase so you are not surprised by these restrictions.