co-op and condo 02:29 Apr 20, 2008
David St. John, a Florida condominium attorney, says, "There are significant differences between a condominium and a cooperative, but each is considered a common interest development or CID. The terms 'co-op' and 'cooperative,' are short for 'cooperative housing project.' Cooperatives were in existence and common before the condominium scheme of ownership was fully developed in the United States. They were especially common in New York City and the northeast." In a cooperative says St. John, an attorney whose firm represents more than 600 condominium, cooperative, and homeowner associations, the building containing the residential units or apartments is owned by a 'cooperative housing corporation.' "In a condominium, each unit owner owns an individual apartment in fee simple. In addition, the buyer owns an undivided interest in the common elements such as the exterior walls, roof, pool and other recreational areas." Both condo and co-op owners have monthly maintenance fees to pay, but they can vary, depending on what expenses the fee covers. |