Condos and co-ops
Condo and co-op sales, explained
Buildings add a layer to every purchase. Knowing it in advance makes the rest easier.
How these purchases typically differ
In a condominium, a buyer typically owns the unit itself and shares ownership of common areas. In a co-operative, a buyer typically buys shares in a corporation that owns the building, tied to the right to live in a unit.
Many buildings ask buyers for an application package, and some have an approval step before closing. Monthly charges and house rules differ from building to building, so each building is worth asking about directly.
Sebastian works with condo and co-op buyers, and with owners selling a unit.
- Ask what documents a building typically requires from a buyer.
- Ask how monthly charges are set and what they cover.
- Ask what rules apply to renovations, pets and renting a unit out.
Condo and co-op questions
What is a board package?
It is the set of documents a building typically asks a buyer to submit for approval. What it contains varies by building.
Why do monthly charges matter?
They are part of the cost of owning in a building, so they belong in your budget alongside the price.
Can I sell my unit with your help?
Yes. He works with condo and co-op sellers as well as buyers.
Do all buildings work the same way?
No. Rules, documents and approval steps differ, so ask about each building you are considering.
Talk through a condo or co-op purchase
Share your timing and what you are looking for. The request goes to the office to read.
Prefer to talk first?
Selling a unit?
Call the office line to talk about selling a condo or co-op.