Condominiums

Condominiums are a different type of living unit than a single family detached residential home. The are individual units within a communal complex, whether they be apartments or townhouses. The purchase of a condominium requires a level of expertise on the part of your agent to be sure you understand what you are responsible for and to be sure you have all the documents and understand all the provisions of the condominium community. The word condominium itself refers to the legal type of ownership. In a single family residential home, you own the house and the property it sits on. For a condominium you generally own the property from the midpoint of the walls inward. Depending on the bylaws of the community the responsibility for maintenance of different parts of the unit (for example - the roof, windows, doors, heating and cooling) may fall to the owner of the unit or to the condominium association. These by laws should be thoroughly understood prior to purchase.

In conjunction with understanding maintenance responsibilities, the finances of the community are very important. If you are not totally aware of all these things, you can be unexpectedly responsible for a community wide assessment in order to repair or replace a major item in the units. All communities charge a monthly or quarterly fee which takes care of all the common elements- those parts of the community which are owned by the condominium association (HOA-Homeowners Association) and must be maintained by them in addition to weather related community wide cleaning.

Our team has experience in assisting sellers and buyers in the sale and purchase of condominiums. Our knowledge and experience in guiding sellers and buyers enables us to guide you through all the details of this particular type of purchase and helps to avoid the misunderstandings and pitfalls that could occur in this type of sale.

Co-Ops

A co-op is short for the word cooperative. In this type of real estate you don’t actually own the property itself . You own shares of a corporation which in turn owns all the property in the cooperative. The number of shares you own correspond to the size (square footage) of your unit/apartment.

When you purchase a co-op ou may use financing or cash. You will be responsible for your monthly mortgage payment in addition to monthly maintenance fees. Maintenance fees are paid to the corporation and cover building expenses including but not limited to:

• Any underlying mortgage (and interest) on the building
• Building insurance
• Property Taxes
• Management fees and salaries
• Common area upkeep

It can also include other items depending on the building. You will also be required to maintain Homeowners Co-op insurance.

Purchase of a co-op can be a very demanding and arduous process. Once you have come to terms with the seller, you will be required to prepare a Co-op Board application package. With this application you are making a formal request for the Board to approve you and your purchase. Because the Board is responsible for the fiscal soundness of the building , they carefully examine your application, including your financial resources to ensure that you have the means to pay both your mortgage and the monthly maintenance fees.

Critical to this process is the advice and guidance of an experienced agent. There are many ways to improve and present a Board package so that the Board will look favorably upon your application.

In addition as you look at different buildings it is important to evaluate the different amenities each building has and how that will impact both your purchase price and resale value. Many buildings are classified as “pre war” and “ post war”, which signifies that the building has been built differently and it is important to understand those differences.