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Definition of Condominium Terms |
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A building made up of individual units. Ownership of an individual unit is considered real estate or real property unlike cooperative ownership which is considered personal property. You receive a deed toyour individual unit and you pay common charges which is your proportional share of the costs of maintaining a common space. You will also pay a proportionate share of real estate taxes. |
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Common Charges
Each unit is assessed its proportionate share of the expense of operating the Condominium. Each Condominium owner will also receive a separate tax bill for his/her individual unit. |
Condominium Board
Like a Cooperative Board, it runs the building but it does not approve new buyers of condominium apartments. They are also referred to as the Board of Managers. |
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Condominium Association
Owns the real estate that the building is on and any common space or systems like heating or plumbing. |
Right of First Refusal
Many condominiums have a right of first refusal which means that the Board of Managers may elect to purchase an apartment that is being sold. |
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The materials contained in this Web site do not constitute legal advice and contact with this Web sitedoes not establish an attorney-client |
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