Features of Condominiums and Cooperatives Flashcards
1
Q
What is a condominium?
A
It’s a hybrid form of ownership of multi-unit residential or commercial properties
2
Q
An owner’s association is often created to _
A
Enforce the bylaws and manage the overall property
3
Q
What do condominium owners pay for?
A
All property expenses, such as maintenance, insurance, management fees, supplies, legal fees, and repairs.
4
Q
Describe a cooperative
A
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.