When buying an apartment in New York City, often my clients come and ask me what the difference is between a co-op and a condo. In a condominium, each individual unit is granted as its own fee, so when you record the deed, each unit has its own deed. Whereas in a cooperative, what you really are buying is not your apartment, but rather, you’re buying stock in a corporation and by virtue of your ownership in the stock in that corporation, you have a lease to occupy your unit. Unlike a condominium where you own your apartment in fee simple, a co-op situation is a cooperative corporation that owns the whole building and you have a license to live in your apartment. Co-ops are also much more restrictive typically than condos in their processes of admission of new owners. Condos tend to be much more permissive.
- New York Business Lawyer Discusses The Best Business Structure in NY
- Queens Business Attorney Explains Power of Attorney
- Flushing Business Attorney Explains Intellectual Property
- Queens Business Attorney Explains What is Important to Know about Business Licensing
- Flushing Business Attorney explains The Different Types of Liquor Licenses