New York Real Estate School
Real Estate - New York, New York, United States
New York Real Estate School Employees
New York Real Estate School Details
The question is often asked: what's a housing cooperative? How does it differ from a condominium? Can I get financing if I purchase a cooperative apartment, and does cooperative ownership give me the same tax benefits as compared to a single family home? The general public often confuses condominiums with cooperatives. In reality, as far as living standards go, there are few differences. However, from a legal -- and financing -- point of view, there are major differences. There are many definitions of cooperatives, but the one I like best is that a cooperative is a multi-unit apartment building, in which each resident has an interest in the entire building, and a lease (or contract or share of stock) enabling the owner to occupy a particular apartment unit within the building. If you own a condominium, you actually own your entire apartment, as well as a percentage of the common areas (called the "common elements"). A cooperative owner, on the other hand, does not, in fact, own the
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