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Old 06-27-2009, 12:54 AM
 
94 posts, read 265,683 times
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i googled use wikipedia etc but i dont understand what a condo is.

at 1st condo sounds like a co-op, then it sounds like an apt you bought.

can any1 clearly define the 3, cause i have seen condo rentals in my apt hunt
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Old 06-27-2009, 01:15 AM
 
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Bankrate.com gives a pretty good explanation (scroll down to the "Form of Ownership" section)

Basically, in a condo, you own your apartment, as well as part of the common areas. In a coop, you own *shares* in the corporation that owns the building and common areas and you are given the right to lease space there.
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Old 06-27-2009, 02:17 AM
 
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in a co-op you technically dont own your apartment, you own shares in the building and are given as a benefit a lease to an apartment.

the co-op is alot stricter in rules and regulations with the co-op board being the governing authority...they get to say who you sell to, sublet to etc..

in a condo you are usually free to sell to whom ever , if the condo board dosnt like it they have right of first refusal meaning they can buy your house if they dont like who your selling to but most condo boards cant stop the sale
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Old 06-27-2009, 07:33 AM
 
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It is becoming more commonly the case that condominiums are imposing increasingly stricter rules about subletting, sales, etc. Especially now with many owners defaulting.
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Old 06-27-2009, 09:13 AM
 
Location: Washington, DC & New York
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A condo can also be an investment property, so it would not be that uncommon to find one available for rent, whereas a co-op may or may not be rentable after an individual owner buys into the building, under strict conditions, if at all, since it's all board-dependent. And, co-ops that do allow rentals will almost always impose a subletting fee for the privilege of doing so, after they have approved the tenant.

This is not the case, however, when the co-op sponsor owns a large block of apartments in a project, since they are not subject to board oversight and can sell/rent to whomever they want without any reprocussions. Usually, such properties are listed with "No board approval," or "Sponsor apartment," in the text, meaning that you just have to pay the price to acquire the co-op and don't have to go through the vetting process imposed by the board.

Sometimes these units will be in buildings that converted long ago, since the sponsor has had to keep them due to an existing rental lease and the tenant did not leave the property for many years. In some cases, the sponsor will sell the rented property to an investor who will wait out/buy out the tenant and regain control of the property, and some sponsors have held back a certain number of units in the project to rent and sell at a later date.

One other rule of thumb is that a condo represents real property, whereas the co-op is a personal property interest, since you are a shareholder in the corporation that owns the property and have the proprietary lease for a specific apartment. Technically speaking, a co-op transaction is not a transfer of property, but it functions as such, even though it's more in line with a securities purchase of the stock, but in the case of a co-op that corporate stock purchase carries with it specific rights, i.e., the proprietary lease.
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Old 06-28-2009, 09:22 AM
 
11,108 posts, read 14,855,217 times
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you do not pay property tax on a co-op...you will have to on a condo
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Old 06-28-2009, 09:26 AM
 
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you certainly do, its included in the maintaince...not only do you pay it but you write a portion of it off too


you dont get a seperate bill but its paid thru the building with them charging you
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Old 06-28-2009, 09:28 AM
 
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Quote:
Originally Posted by mathjak107 View Post
you certainly do, its included in the maintaince...not only do you pay it but you write a portion of it off too


you dont get a seperate bill but its paid thru the building with them charging you
well yeah, but I mean u wont get slapped with a $13,000 bill for property taxes...it's in the maintenance so you don't realise ur paying it
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Old 06-28-2009, 09:39 AM
 
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ha ha guess you never lived in a co-op...oooooh your realize it when you write that maintaince check lol..... but yes they are lower then a house
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Old 06-28-2009, 09:46 AM
 
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Quote:
Originally Posted by mathjak107 View Post
ha ha guess you never lived in a co-op...oooooh your realize it when you write that maintaince check lol..... but yes they are lower then a house
ummm I live in a co-op now...my maintenance is $300/mo...that isn't exactly a lot of money.
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