A condominium is a combination of co-ownership and individual ownership. Those who own an apartment or a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment or condominium unit in the building is individually owned. In some States, the owners of the various units in the condominium have equal voice in the management and share an equal part of the expenses. In other States, control and liability for expenses are shared by a unit owner in the same ratio as the value of the unit bears to the value of the entire condominium project. The bigger condominium owners would have more say-so than the smaller condominium owners.
This Agreement to Lease a Condominium Unit is similar to a lease of an apartment.
Condominium Without Apartment Block In Cook
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Multi-State
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Cook
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US-00413BG
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Part of the allure of buying a condo in NYC is not having to complete a highly complex, lengthy and invasive co-op board application. Yes. An apartment in a co-op building that experienced a vacancy after conversion is generally no longer subject to rent stabilization.If you're looking to buy an apartment in NYC, you have to know all about coops. We answer all your questions (and then some!) in this post. A condominium involves apartment ownership and a percentage of the common areas while a co-op involves buying shares in a corporation that is the building. You will need permission from the HOA. But if they approve it, you will get two votes in the HOA, for what that's worth,. Co op rules and regulation in NYC are generally more onerous than condo bylaws. Before filing a complaint, you should try to resolve the issue with the building's owner, managing agent, or superintendent. A condo conversion is a complex and detailed process that involves multiple steps and the assistance of various specialists.