Question

 What is the difference between an co-op and a condo?

Answer In a condominium, you hold title to your unit and own real estate in common with all other owners. In a co-op, you own shares in a corporation and are assigned a unit to which you do not hold clear... Read More »
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Is there a law regarding condo fees I live in a four-unit condo One of the members has not paid his condo fee for 7 months?

Yes, and the law is a local state law, plus the governing documents under which the association operates the property. Read your governing documents and follow the guidelines there to collect the p... Read More »
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What is the difference between a condo and a coop?

When you purchase a condominium, you purchase a unit, plus ownership of common areas that you own with all the other unit owners. A lender will give you a loan, based on your ownership title to thi... Read More »
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What are the difference between condo house rules and bylaws?

Condominium communities -- private democracies, really -- operate the business of the community by way of governing documents. Typically, the list includes: Covenants, Conditions, Restrictions and ... Read More »
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What is the difference between betterments and improvements and additions and alterations in a condo policy?

When buying insurance, it is key that you get an explanation, preferably in writing, from a broker when/if the policy uses any of these terms, to satisfy yourself that you're buying the coverage yo... Read More »
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