Features of Condominiums and Cooperatives

Question 1

What is a condominium?

Answer 1

It’s a hybrid form of ownership of multi-unit residential or commercial properties

Question 2

An owner’s association is often created to _

Answer 2

Enforce the bylaws and manage the overall property

Question 3

What do condominium owners pay for?

Answer 3

All property expenses, such as maintenance, insurance, management fees, supplies, legal fees, and repairs.

Question 4

Describe a cooperative

Answer 4

You own shares in a non-profit corporation or cooperative association, which in turn acquires and owns an apartment building as its principal asset. Along with this stock, the shareholder acquires a proprietary lease to occupy one of the apartment units.