|
Condominium
•
Buyer
owns
the
condominium
unit
space
•
Pays
Property
Tax
on
Condo
with
added
common
areas
•
Pays
Montly
maitenance
Fee
•
Condominium
Complex
has
Board,
owner
has
one
vote
regarding
vote.
• Market
Value
is
determined
through
Co-op
or
Condo?
The
condominium
owner
has
a
fee
simple
absolute
unrestricted
ownership
and
is
individually
responsible
for
property
taxes
and
maintenance
fees.
Use
the
sales
price
of
condominiums
with
similar
size,
appeal,
age,
neighborhood,
incurring
similar
maintenance
fees,
etc.
to
determine
market
value.
Cooperatives:
Most
co-ops
are
incorporated
and
a
board
of
directors
governs
the
complex
with
the
owner
of
each
individual
unit
having
one
vote.
The
owner
has
no
deed,
only
stock
and
a
proprietary
lease
which
has
a
term
from
10-50
years
renewable
automatically
or
at
the
discretion
of
the
shareholders. He/she
cannot
refinance
his
unit
as
a
condo
owner
can.
Mortgage,
property
tax
and
maintenance
fees
are
paid
pro
rata
by
the
owner
according
to
the
percentage
of
the
overall
size
of
the
unit.
Property
tax
appeals
involve
the
corporation
and
the
stockholders.
Areas
to
look
into:
Check
out
the
by-laws,
proposed
by-laws,
fees
for
maintenance
of
outside
areas.
See
if
you
are
allowed
to
make
improvements
in
the
condo's
Declaration
of
Condominium
document.
See
if
the
by-laws
are
to
your
liking.
Look
into
the
financial
health
of
the
condo
by
checking
financial
information
listed
under
"reserve
fund"
to
see
if
it
is
set
up
to
cover
for
emergencies.
Obtain
a
copy
of
the
condo's
current
budget
and
study
their
financial
statement
so
there
will
be
no
surprises.
Get
an
Estoppel
Certificate
that
will
show
if
the
current
owner
owes
fees
or
if
any
liens
against
the
condo
exist.
Owners
can
be
evicted
for
nonpayment
of
fees.
Obtain
a
Certificate
of
Insurance
showing
how
much
the
condo
board
has
purchased
to
cover
damages
to
the
common
areas.
Get
a
statement
of
the
percentage
of
occupancy
of
the
condominium
complex.
This
may
alert
you
to
potential
problems
if
the
occupancy
rate
is
low.
Obtain
a
statement
that
spells
out
the
use
of
recreational
facilities
as
well
as
a
drawing
or
photo
of
the
unit's
interior
and
recreational
facilities.
Get
a
list
of
improvements,
if
any,
the
developer
agrees
to
make.
Get
a
statement
that
spells
out
the
monthly
or
yearly
maintenance
fees
you
are
expected
to
pay.
Obtain
a
Certificate
of
Title
for
your
condo
unit.
|
