0
What are the differences between a condo and a coop for a potential home buyer?
Wiki User
∙ 14y ago
Both a condominium and a co-op represent forms of real estate ownership, generally of an 'apartment'-type unit.
Usually -- and this is especially true in New York City -- when you buy a condominium, you buy a unit and share ownership of all the common areas and limited common areas with all other owners. When you buy a co-op, you buy shares of a real estate co-operative that reflect the owner's equity or occupancy rights you want.
Both are corporations, both have governing boards, and both employ governing documents.
Each is individual, each is different, each is unique, depending on the state where the real estate is located and depending further on the governing documents of the community.
Wiki User
∙ 14y ago
Wiki User
∙ 14y agoA condo is very much like a duplex. It is one house made into two. A townhouse is different because they are just single houses against each other.
Add your answer:
Earn +20 pts
Can owners in a 6 unit condo legally vet a new buyer to weed out any potential trouble such as excessive noise and partying?
Vetting new buyers is a task afforded to co-ops and co-op boards. It is not legal for condominiums or home owner associations to 'vet' potential buyers.
What should I expect when I buy my first condo?
The contract and closing process can be intimidating for any first time buyer but it is greatly rewarding. Be sure to find out the condo dues and fees and when they are due.
Can a cash buyer of a condo legally place a secured first mortgage on the same condo acting as their own private party lender?
Depends on the state or commonwealth you in. Contact an attorney and review your docs
In today's market, is there much demand for a condo for rent?
Condo's are rarely rented except by their individual owners. The demand for housing is recovering, but prices are not. This of course is described as a buyer's market since the seller has little leverage.
Can a buyer get out of a signed contract on a condo?
State real estate laws vary on this point: your realtor or a local attorney can give you the answer you need.
What happens during a condo sale?
During a sale of a Condo are firstly to make the property ready for sale. Next you need to find a buyer and accept the best offer. Once you have chosen the buyer and they agree to continue you should appoint your lawyer and advise your bank if you have a mortgage. Finally if this was your home you will need to find somewhere else to live yourself
How do you live in a condo with satisfaction?
The first thing that comes to our mind when we plan to buy a condo is to live a much better life than we previously have, right? Not just you, but there are already a lot of people who bought a condo and thought that they are living a more satisfying life now. Of course, we all need to live in an environment where we can be safe and contented. That's Maslow's second hierarchy of need - safety!
Is the land under the condo unit owned by the unit buyer or the condominium corporation?
Read your governing documents to determine what is owned by individual owners and what is owned by the association.
What's the difference between a condo and a duplex?
The word condo describes a form of ownership. The word duplex describes the style of a unit. Essentially, a condo could be in the style of a duplex or town house.
What is an condo?
A condominium is a style of real estate ownership, where a buyer purchases a unit plus an interest in all the real estate assets in the community, based on a formula for allocated interest.
How much money does a condo real estate agent earn?
The sky is the limit. Of course, things like average sale price and volume of sales in your market all play into how much potential exists in your market. For example, an Agent that specializes in condo sales has much higher earnings potential in Los Angeles, CA. than in Yamhill, OR.
Do in condo washing machines overload condo plumbing?
Not if the condo was built to code.
