In a co-op, shareholders elect a volunteer co-op board which–except in some very small buildings that choose to save money by self-managing–works with a property management company to oversee the care and maintenance of the building. The board also creates and enforces rules about everything from renovation inside units, to what’s allowed to transpire on […]
A condominium budget will determine a condo apartment’s monthly common charges It’s critical to analyze a condo budget before signing a purchase contract in NYC. Many first time home buyers rely exclusively on their lawyers to scrutinize the condo budget as part of the lawyer’s legal and financial due diligence. However, since you’ll be the […]
In a co-op, shareholders pay a monthly maintenance fee. Part of it goes toward the expenseof operating the building. The other part is the amount of property taxes apportioned to eachshareholder based on the number of shares assigned to their apartment. Particularly thesedays, when property taxes and fuel costs are rising sharply, maintenance fees are […]
