0
What are the differences between buying a condominium or a co-op apartments in terms of rights prices and taxes?
Wiki User
∙ 14y ago
Depending on the state where the property exists, and depending on the legal status of the two different kinds of real estate ownership, there could be differences in prices and taxes, and rights. Usually, for a condominium, an owner owns all the 'real estate' from some point in the walls inward: studs, sheetrock, paint, etc. Then the condominium association owns everything from that point outward: roofs, siding, pavement, landscape, common areas, etc.
Usually, for a co-op, a buyer buys shares of ownership depending on the square footage of the unit involved, and cooperatively owns that percentage of the total real estate assets.
Consult your local laws for differences in taxes, your local real estate expert for differences in prices, and the separate governing documents for rights.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What are the differences between international vs domestic entrepreneurship?
Entrepreneurship is the carrying out of a business. Domestic entrepreneurship is a business (selling and/or buying) transacted inside of a country. International entrepreneurship is the same activity involving more than one country.
What is the difference between buying TT and buying OD?
TT is telegraph transfer and OD is on demand.
Are there any restrictions for foreigners buying land in the us?
There are no restrictions to foreigners buying property anywhere in the United States. However, there may be distinct tax law differences in each state in regard to foreign buyers.
What is the buying and selling of goods between different places?
The buying and selling of different goods is called commerce, or imports and exports.
Discuss difference between a good and a service?
Buy a new pair of shoes and you are buying a good. Have your shoes repaired and you are buying a service.
How to get Estoppel Certificate when buying a condominium?
Your broker and real estate attorney can help you obtain the certificate you want.
What is the law pertaining to buying a condominium?
Your question is too broad. Each state has a chapter of its state code that governs all aspects of condominium projects from applying for the original building permits to unit ownership. Unit ownership is also governed by the real estate code and the governing documents written for that unique community.You can perform an online search using your state + "condominium law."Also, the purchase of a condominium would be covered under the property laws in your jurisdiction much the same as would be buying a single home on a lot of land.
Can a condo unit be sold before a declaration of condominium is filed?
Personally, I would not buy a condominium unless my review of the complete declaration was finished. Otherwise, you (and I) have zero idea about the community you're (I'm) buying into. Whether or not it can be sold may be a local legal issue. See your state condominium statute.
What are the differences between traditional shops and buying online?
Consumers have to go into the physical store to shop at traditional shops. They can try the items and leave with them. Buying online means buying the merchandise without having physically seen it first.
What is the advantage of rentals over buying a home?
There are several advantages of renting instead of buying a home. A lot of apartments include a pool and/or gym on-site. Most apartments include water or included in the rent. A renter does not do the landscaping or any maintenance on the unit.
Compare similarities and differences consumer buying and organizational customer buying?
The similarities between consumer buying and organizational customer buying is that both have the need to purchase. The difference lie in the quantity of purchases. Consumer buying entails retail, while organizational customer buying entails wholesale.
What are the benefits to renting an apartment versus buying a home?
Renting an apartment is often a good choice. People who live in urban areas prefer apartments simply because they are much easier to come by. Utilities in apartments are often much less than buying a home. Apartments are often advantageous for people who do not plan on staying in one area for awhile. Buying a house is a commitment, and in a bad real estate market you might be stuck in a house.
How does one go about applying for Oakland Apartments?
One can apply for Oakland Apartments by either visiting the apartment or by checking the official website of Zillow which provides a lot of information about buying or renting houses and apartments. One must have the important required papers for applying.
What are the best websites to find furnished apartments?
Get E-Mail alerts for NYC apartments & properties ... Contact Best Apartments for all your NYC apartment buying, selling, and renting needs ... The listings on this website represents apartments that have become available on the market. ... All information furnished regarding property for sale, rental or financing
Where do you get a Condominium Declaration?
If you are developing a condominium project, you hire an association-savvy attorney who crafts the governing documents, based on state law that governs condominiums. When you purchase a condominium, by law you are entitled to copies of all your governing documents. (In Washington State, these documents are packaged in the Resale Certificate.) If you own a condominium, and your copies are lost, your association manager can provide you with copies, which you pay for. If you are interested in buying a condominium, again, you can purchase copies of the governing documents, most of which are public record.
What is difference between Consumer buying behavior Industrial buying behavior?
Difference between industrial and commercial buying
What is the process of buying a home in Spain?
The process for buying a home in Spain is much like the process for buying a home in America. The major differences being the fact that you would be buying a home in a different country.
