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Those who buy co-ops maintain shares of corporations that own the buildings where their units are. Owning a condo is like owning a house. Those who buy condos receive deeds and specified pieces of real estate. Condos are typically more expensive from purchase to closing.
Assuming all financials and references are in order, co-ops require an interview and board approval. Condo associations may exercise the right of first refusal but do not require interviews.
Co-ops require minimum 20 percent down. Condos require minimum 10 percent down.
Estimated closing time for a co-op after signing contract is 3-4 months. You can expect to close a condo within 1-3 months after signing contract.
You will need proper board approval for renovations with co-ops and condos.
The monthly charges, maintenance, for a co-op are based on the number of shares owned in the building. The monthly charges of a condo are based on the square footage of the unit.
A co-op owner pays taxes that have been rolled into their monthly maintenance. A condo owner pays typical homeowner taxes.
Subletting policies vary based on building rules and regulations. Permission to sublet a co-op would be taken to the board for approval. Condos typically allow subletting.
Selling a co-op would be subject to selling taxes and board restrictions on who they sell to.
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