Staten Island Condo For Sale

 

Do you know the difference between a condo and a co-op??
Condominiums and cooperative apartments are two distinctly different forms of ownership.

Condominium or Condo
A condo is a single real estate unit in a multi-unit development in which a person has both separate ownership of a unit and an undivided interest in the common elements of the building.

Co-op
A co-op apartment is when purchasers buy shares in the apartment corporation allocated to a particular apartment. Ownership of the shares entitles the purchaser to a long term proprietary lease for the apartment. Maintenance charges are based upon the number of shares in the corporation allocated to an apartment.

Courtesy of  NYS Real Estate Finance Bureau