Re:DIY B&B
by rprasad on Friday July 13, 2012 @06:23PM
(#4242308)
Condo = unit owners own fractional interests in the shared areas (including the building and land).
Co-op = the cooperative owns the shared areas; the members own shares in the coooperative entity.
Both = the entity (HOA/cooperative) pays for the maintenance/other costs of the shared areas. Co-ops collect the money for these expenses through monthly dues and yearly assessments. I do not know how co-ops collect for these expenses.
My unit is a condo; I fractionally own portions of the building and land. My condo pays for the expenses associated with the common areas through monthly dues and yearly assessments.
Co-op = the cooperative owns the shared areas; the members own shares in the coooperative entity.
Both = the entity (HOA/cooperative) pays for the maintenance/other costs of the shared areas. Co-ops collect the money for these expenses through monthly dues and yearly assessments. I do not know how co-ops collect for these expenses.
My unit is a condo; I fractionally own portions of the building and land. My condo pays for the expenses associated with the common areas through monthly dues and yearly assessments.