About Coops And Condos The concept of Cooperative and Condominium ownership("coop" and "condo") is not new and has been around since the Roman Empire formed it over two thousand years ago. These forms of ownership resulted primarily because land was scarce and expensive. There are many similarities to each, however, the form of ownership of the unit differs. With condo ownership, you are buying a specific area in the complex. The area is defined, described, and mapped out to the exact location. There are also common areas of the complex which are shared by all unit owners who each hold an undivided interest. These common areas are located outside  the unit which include the halls, elevators, lobby, outside common areas, etc. Each owner of the unit receives a deed and it is recorded just as if you were buying a house. It will recite the percentage interest in the common areas that the owner will receive. In coop ownership, by contrast, you are buying shares of stock in the cooperative corporation, and there is no deed involved as described above. It is the cooperative corporation which owns all the building, land, and common areas. The coop unit owner, or shareholder, then receives a "proprietary lease" to occupy a certain apartment. In this case, the occupant is a "tenant" but is also a part owner of the building. With condo or coop ownership, an owners' association is established with a legal framework to govern the unit owners. The purpose is to regulate, control and maintain the common areas of the building. The association will also have bylaws which provide the association with rules and standards which the elected board must rule by. Anything pertaining to the management of the complex, such as repairs and maintenance, or the hiring of personnel will be set forth. A list of covenants, conditions and restrictions will tell the unit owner what or what not is allowed such as if a pets are allowed, barbecuing permitted, or any other condition that could affect another unit owner. Condo and coop owners must also pay a monthly maintenance fee which provides for the up-keep and management of the common areas. It is determined by the percentage of space the unit owner occupies and could be more if the actual unit is located on a higher floor, for instance. Condominiums are usually formed by a developer who filed for an enabling declaration with the State; Cooperatives are formed by a developer the same way, or converts an existing rental building to cooperative ownership by filing a description of the project to the State's Attorney General. Sometimes, tenants of an existing apartment building could organize to purchase the building from the owner and form the cooperative themselves. The tenants will borrow to buy the building from the owner with a mortgage, and the balance could be raised by selling shares of stock in the corporation. Depending on the amount of the mortgage on the building, the maintenance could be lower or higher than comparable coop buildings. Taxes of the coop are included in the monthly maintenance. With a condo, since there is a deed, the taxes are assessed individually to the specific apartment and are paid independently by each unit owner, in the same way as the owner of a house. The main benefit for both condo or coop ownership is the "carefree living." No need to care about cutting the lawn, snow removal, being concerned about whether your roof must be redone, etc. Not to mention the other amenities which are available depending of the building: swimming pools, recreation and game rooms, gymnasiums, tennis courts, gated communities, and a doorman who will greet you. By Maury Jazzetti Website: http://www.betterlifestyles.com