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Homeowners insurance vs. condo insurance. Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly ...
The purchase price of a comparable unit in the co-op is typically much lower, however. With limited equity, the co-op has rules regarding pricing of shares when sold. The idea behind limited equity is to maintain affordable housing. A sub-set of the limited equity model is the no-equity model, which looks very much like renting, with a very low ...
The supply of condominiums and co-ops has outpaced the supply of single-family homes for the past year.
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.
Membership in a condo is obtained by buying the shares on the open market, most often through a real estate agent. No board approval is needed to buy shares, but in some cases other stockholders or the housing cooperative itself has the right to claim the stocks being sold. There is usually no requirement for the owner(s) to live in the condo.
Buying a condominium means buying an individual unit in a property with public areas owned and managed by a homeowner's association. Buying an apartment usually means buying a share of ownership ...
Condo ownership is most common because it fits many financial institutions' and cities' models for multi-unit owner-occupied housing development. U.S. banks lend more readily on single-family homes and condominiums than housing cooperatives.
Legal expert tackles more questions about structural integrity reserves. Also,can HOA board ban non-owners from meetings?
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