Manhattan NY Condos FAQ: What is Common Charge in Manhattan New York Condominium Market?

By
Real Estate Agent with Douglas Elliman Real Estate

Manhattan NY Condos FAQ: What is Common Charge in Manhattan New York Condominium Market?

Common Charge often is abbreviated as "CC" in many of Manhattan New York property listings. Common charge is also known as Home Owner Association Dues in other parts of the country in United States.

In Manhattan New York condominium market, each owner of the condo unit are responsible for the monthly Common Charge. Depending on each condo buildings policies and rules, these common charges usually includes the salary of the building staff, operational expenses of the condo common space such as hallway, elevator, lobby, amenities(if any), each units water, gas usage, cool and hot air (although this may vary depending on the building).

In the scenario of a Manhattan cooperative(Co-Op), there will be a "Maintenance charge" instead of "common charge". Please note that there is a difference between Maintenance charge and common charge due to the differences of cooperative and condominiums. "maintenance charge" usually is a total sum of the monthly cost of that particular cooperative unit, which includes the allocated shared building carrying cost, real estate taxes of the cooperative unit, underlying mortgage of the cooperative and etc. Manhattan New York condominiums common charge does not include any Real Estate taxes or underlying building mortgage.

Common Charge usually is billed by the condo management on the monthly basis. If the owners preferred, they can make an arrangement with the condo management to pre-paid the common charge if the owner is not Manhattan local based or will be traveling for a period of time.

If the owner of condominiums uses this Manhattan NY condo as an investment or rental property, then the owner of the condo is responsible to pay for the monthly common charge not the tenant. It is also advisable that the owner stay in charge paying the common charge instead of the perspective tenants, otherwise in case of the default of common charge by the perspective tenant, the owner may be liable for additional penalty cost or other serious consequences enforced by the condo management.

If you or someone you know would like to buy or sell Manhattan New York condominiums, please call us directly today at (917) 837- 8869 or (646) 644- 6929. We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, we offer confidential consultation customize to your specific investment needs.

 

Posted by

 ____________________________________________________________________________

 

Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
New York New York County Manhattan Columbus Circle
Groups:
Prudential New York
Condo Specialists
Condo Benefits
40 Somethings
Tags:
cc
manhattan ny condos faq
common charge

Spam prevention
Show All Comments
Rainmaker
557,507
Cherise Selley
Selley Group Real Estate, LLC - Colorado Springs, CO
Colorado Springs Realtor

Eileen,

Thanks for differientiating common charge and maintenance charge.  Hope you have a successful week with your condo business... g

Feb 09, 2011 02:55 AM #1
Rainmaker
877,649
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

Very informative explanation Eileen. 

Feb 09, 2011 07:23 AM #2
Rainmaker
495,240
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Eileen - I like how you relate your state's terminology to those from other states, i.e, common charges = HOA dues. I think that's a good quality for an agent who probably sells a lot to people from "out of state" (and even from other countries!).

Feb 09, 2011 12:20 PM #3
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
723,677

Eileen Hsu

LICENSED REAL ESTATE SALESPERSON
Ask me a question
*
*
*
*
Spam prevention

Additional Information