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A condop, a portmanteau of the words condominium and cooperative (or "co-op"), is a co-op inside a condo. [3] Stepping back, condominium owners actually hold title to a piece of real estate. Co-op owners are actually shareholder-tenants with shares in and a long-term lease from the co-op corporation. In all co-ops, a corporation owns the building.
With regular condominiums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in the case of a freehold condominium the owner owns the land and building and the corporation owns common shared roadways and amenities. [10]
For example, an owner would like to have a pool but cannot afford one. When buying a condominium with a pool in a CID of one hundred units, an owner would have use of that pool for basically one-hundredth of the cost due to sharing the cost with the other 99 owners. [5] Timeshare, or vacation ownership, is the same concept. Buying a second home ...
Stevan Pardo, an attorney who represents condominium unit owners in high-profile cases like the Miami Beach Carillon dispute — where for years residents and the owner of the hotel and spa have ...
Condo owners unable to pay an assessment can be foreclosed on by their condo association. She considered selling, but the assessment was driving down property values in the building.
With regular condominiums, the unit owner usually owns the internal unit space and a percentage of the common property; in the case of a freehold condominium (or a bare/vacant land condominium) the owner owns the land and building and a percentage of any common property shared roadways and amenities. [2]
Over 46% of mortgaged residences are “equity rich,” meaning their outstanding loan balance is less than half the home’s value (meaning the owner owns at least 50% of the home outright).
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents. [1]