What is Condo Common Charge in NYC condo descriptions?
If you are a buyer looking at NYC websites to search for a condo, you will see "CC" in many of the condo descriptions or listing information. "CC” is an abbreviation for Common Charge in many of Manhattan New York property listings. Common charge in other parts of the country or world is known as Home Owner Association Dues.
In NYC, a condo owner of the condo unit is responsible for the monthly Common Charge. Typically condo common charges 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 (the heating and cooling system will vary depending on the building).
Manhattan New York condominiums common charge does not include any Real Estate taxes or underlying building mortgage.
Unlike condos, 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. Co-op monthly maintenance fee is a total 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.
Common Charge monthly bill usually is sent by the condo management on the monthly basis. Owners can make an arrangement with the condo management to pay in advance the common charge if the owner is not local based or will be traveling for a period of time.
If the condo owner uses the condo as an investment or rental property, the owner of the condo is responsible to pay for the monthly common charge not the tenant. It is also advisable that in case of the default of common charge by the tenant, the owner may be liable for additional penalty cost or other serious consequences enforced by the condo management.
Call us today (917)837-8869 and we can discuss your specific Manhattan NY Real Estate needs, if you would like to search for a condo and not sure where to start, we would encourage you to contact us today.
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time
Eileen, great explanation of common charges and maintenance charges in Manhattan. Another reason any buyer desiring to purchase needs to call YOU!
Apr 19, 2012 11:28 AM
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON
Common Charge is a good term, very much like the Home Owner Association dues.
Apr 19, 2012 11:38 AM
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher
Waves Realty - Melbourne, FL
Florida Space Coast Homes
makes sense...thanks for the clarification on how the fees work with condos and coops.
Apr 20, 2012 04:04 AM
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists
Eileen, This is a terrific explanation of the difference between Common Charges and Maintenance fees...Nicely done!
Apr 23, 2012 09:57 PM
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