Cooperative Property vs. a Condominium Property

A popular question that I get as a Real Estate Attorney is the differences in a cooperative property versus a condominium property. In a cooperative property you will not actually receive ownership, you are actually receiving shares of the corporation that allows your posession of an apartment. With a cooperative property, you also require permission to sell the property and even paint the walls. In a condominium property you actual own the unit, where you have the ability to renovate as you feel fit, with some restrictions. As a Garden City Real Estate Attorney I remind clients that the taxes with a co-op are split evenly, while a condominium, you get charged property taxes. If you have questions in regards to a Condominium property or a Cooperative property, contact our experienced Real Estate Attorneys.

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