Co-ops - Differences Between Co-ops And Condos

Below Are Some Basics Comparing Co-ops Vs. Condos

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CO-OP	CONDO
Form of Ownership You own stock shares (not land) in a corporation that owns the building. A proprietary lease establishes occupancy terms. No recording of a deed.	Form of Ownership You own the actual land. Condo owners have legal title, i.e., ownership rights, to a piece of land that New York calls ‘real property.’ Whether your condo is situated on the 3rd floor or high up in the penthouse, it’s still a piece of land.  A deed, just like owning a home is recorded at the county clerk. Transferable as any other house or property.
Renting The Unit Most coop boards require that the buyer of the unit live there for at least 2 years before subletting the unit. After 2 years most boards may require that the owner submit a sublease package for the tenant to be approved (Check with the management company)	Renting The Unit You have the freedom to sublet the condo.
Board Approval A group of residents, mostly owners, that have the right to accept or reject applicants,  or tenants based on financial status and personal background. Cannot be appealed. Board may or may not charge an application fee, typical application fees can run from $200 to $500 and it is non-refundable whether the board accepts the applicant or not.	Board Approval: 99% of the time not required.
Purchase Price The price of a coop is much less than a coop or a home.	Purchase Price The prices of condos are much more than coops.
Maintenance Monthly payment that consists of building upkeep, real estate taxes and payment of the underlying co-op loan, generally from when the building was converted to a co-op from a rental building. The maintenance also includes property taxes, gas and sometimes electric as well. In most cases 40% to 60% of the maintenance is tax deductible	Common Charges Monthly payment that consists solely of building upkeep. Generally not tax deductible.
Real Estate Taxes The property taxes are included in the maintenance. Some buildings have abatements that do run out and thus increase taxes later on.	Real Estate Taxes Each individual owner pays their own on each unit just like a regular home and will be substantially higher.
Prospectus/Black Book/Offering Plan and Amendments This outline the terms of the original co-op offering and amendments update along with rules of the building.	Prospectus/Black Book/Offering Plan and Amendments Outlines the terms of the original offering and amendments update along with rules of the building.
Financials Prepared yearly by an outside accountant to determine financial status and profitability of the co-op.	Financials Prepared yearly by an outside accountant to determine financial status and profitability of the condo association.
Management Company Outside company that collects maintenance, operates the building, maintains records, etc. A smaller building may be "self managed by the occupants/owners.	Management Company An outside company that collects maintenance, operates the building, maintains records.

See All Of My 1,2, and 3 Bedroom Co-ops For Sale

http://www.kandhhomes.com/content/featuredlistings.html?ag_id=4192704&featuredproperty=1

READ MORE ARTICLES ON MY SITE

Reasons Why You Should Buy A Co-op

http://www.kandhhomes.com/content/article.html/2517829

Differences Between Co-op and Condo Fees

http://www.kandhhomes.com/content/article.html/2517827

THERE’S MORE ARTICLES ON MY TRULIA BLOG  WRITTEN BY RHONDA HOLT

Do You Qualify To Buy A Co-op Or Condo?

http://www.trulia.com/blog/rhonda_holt/2009/04/do_you_qualify_to_buy_a_

Differences Between Co-op and Condo Fees

http://www.trulia.com/blog/rhonda_holt/2009/09/co-op_queen_differences_betw_co-op_condo_fees

Are Co-ops Good Investments In Today’s Market

http://www.trulia.com/blog/rhonda_holt/2009/08/are_co-ops_good_investments_find_out_now

What Should You Look For In A Co-op Building

http://www.trulia.com/blog/rhonda_holt/2009/04/co-op_queen_basicsyou_sh

Reasons Why You Should Buy A Co-op

http://www.trulia.com/blog/rhonda_holt/2009/04/co-op_queen_10_reasons_w

Click Below To See All Of My 1,2, and 3 Bedroom Co-ops For Sale

http://www.kandhhomes.com/content/featuredlistings.html?ag_id=4192704&featuredproperty=1

**Not Sure if you qualify or do you have anymore questions about co-ops and condos, simply give me a call or email me today.

Rhonda Holt

Full Time Top Licensed Agent

Co-op Queen

H.P Greenfield

646-725-5941

www.RhondaHolt.com

 

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