Condo/Co-op

Condominium/Cooperatives

 Condominium and townhouse ownership residents hold the title to the unit in which they live, but common areas such as hallways, club houses, parking garages, etc., are jointly owned by all residents.  Monthly fees, known as association fees, are collected to cover the costs associated with such  elements as exterior maintenance, landscaping, parking sites, cleaning of common areas, and insurance for exterior of the building, etc.  A Board of Directors, generally elected by the owners, makes decisions for the entire group of owners.

Cooperative Housing - is a corporation composed of residents who own and operate the property. Residents purchase shares in the corporation.  Members sign an occupancy agreement in which they agree to pay a one-time membership fee as well as a portion of the mortgage and maintenance costs.  As with any corporation, the Board of Directors makes decisions for the entire group of members.

 

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