A quiet place to understand what you actually own, what you pay each month, and what is worth checking before an offer. Whether you buy, wait, or stay put.
The listing shows rooms. The structure decides your rights, your monthly bill, and how hard it is to sell later.
You own your unit. Usually with a deed. Plus a share of the shared parts of the building (halls, roof, systems, land).
A corporation owns the building. You buy shares in that corporation and get the right to live in a specific apartment.
If two homes look identical, the better decision is often the healthier building. Not the nicer staging.
You are a shareholder first, a resident second.
The board can usually approve who moves in. Monthly maintenance often covers operations and a share of the building’s own mortgage. Sublets, renovations, and pied-à-terre use are frequently restricted.
Use this on any building you are considering. Checks stay in this browser only.
Especially for a co-op. Your attorney and lender will want most of this anyway. Asking early saves time.
A beautiful unit in a thin building is an expensive problem.
Closer to “ordinary” homeownership. With a homeowners’ association layered on top.
Sponsor sales and conversions come with an offering plan. Read the plan, not only the brochure.
A certificate of occupancy is the city’s statement that a space may be lived in for a lawful use. Closings stall when that paper does not match how the home will actually be used.
If a listing feels early. “coming soon,” “testing the market,” incomplete amenities. Ask what has been legally offered and what is still a promise.
A hybrid: part condominium, part cooperative. Common when a residential co-op isolates shops or other income in a condo piece of the same building.
Do not assume “condop” means you own the unit but lease the land. Ask for the offering plan and have counsel explain this building’s structure.
| Word | In practice |
|---|---|
| Common elements | Shared parts of a condo: halls, roof, mechanicals, land. |
| Reserve fund | Cash set aside for big repairs. A health signal. |
| Maintenance | Co-op monthly: operations, and often a share of building debt. |
| Common charges | Condo monthly for operations (separate from your mortgage). |
| Word | In practice |
|---|---|
| Proprietary lease | The co-op’s occupancy agreement tied to your shares. |
| Flip tax | A fee the co-op may charge when you sell. |
| Right of first refusal | The condo/HOA may match a bona fide offer. |
| Board package | The application a co-op board reviews before approving you. |
| Word | In practice |
|---|---|
| Pied-à-terre | Part-time use; many co-ops limit or forbid it. |
| Sponsor | The party selling under an offering plan (new or conversion). |
| Underlying mortgage | The loan the co-op corporation itself owes. |
| House rules | Day-to-day building rules beyond the bylaws. |
Optional. Saved only on this device. Useful when two listings start to blur together.