Question: Looking to Buy our First home in Brooklyn New York- What is the Difference bet a co-op and a condo?

Condominium- The homeowner owns their unit,  has a proportinate interest  ownership share of all common areas in the complex such as roof, basement, hallway, grounds, building fixtures, health club, pool etc.  The owner is responsible for the maintenance of the  unit and proportionately responsible for the maintenance and expense of the common area.

Co-op- the cooperative corporation usually owns or lease the land, building and other improvements.  The purchaser buyerowns   shares of stock in the corporation such shares are allocated to a unit referenced in an offering plan issused by the sponsor of the building.  The purchaser does not own the apartment ,the purchaser would lease the apartment from the corporation, in accordance with the shares own pursuant to a proprietry lease.  The share holder must maintain the interior of the unit and pay a proportionate amount to the maintenance and expenses of  common  areas. 

Both Condo and co-op have house rules, procedures and regulations . It is suggested that plans should be review by an attorney , accountant or someone familiar with the articles of the condo or co-op

When buying a condo a buyer should review the offering plan, condo declaration, by laws, house rules and the financial.  Purchasing a co-op the buyer should  review the fiancial statement, as well as the offering plan, by-laws, and the propriety lease. 

When you are ready to buy or sell a Brooklyn New York co-op or condo feel free to call me at 917-861-9166

East Flatbush Brooklyn 2 bedroom co-op for sale $285,000