|
Cooperative (co-op)
A housing complex or building where you become a shareholder in the corporation that owns the property Co-ops are usually found in big cities like New York and Chicago. Unlike a house or condominium, when you buy a co-op, you will get a stock certificate that shows how many shares you have in the corporation. So, you become a tenant, as well as a co-owner of the building. The more shares you own, which is based on the unit's size, the more voting power you have in deciding how the co-op is run. You also pay monthly fees to cover your portion of the building's property taxes and mortgage, and the costs of repairs and improvements for the common areas, such as the grounds and the elevator.
 |
|
|
|
|
|
|
|
 |
|
 |
|
|
|
Characteristics |
Condo |
Co-op |
|
|
|
|
|
1 |
You have a deed and pay your own property taxes. |
 |
|
|
|
2 |
You own shares of the corporation that manages
the building. |
|
|
|
|
3 |
You pay monthly fees and special assessments to cover repairs and improvements. |
|
|
|
|
4 |
You have a say in how the condo is run. |
|
|
|
|
5 |
You need special permission to make physical changes to
your unit. |
|
|
|
|
6 |
You pay a portion of the mortgage and property taxes for the entire building. |
|
|
|
|
|
 |
|
 |
|
Save
an hour at the dealer. Apply now and drive
off today.
Request
a new car price quote
Borrow
for less even if you don't own a home.
|
