Cooperative buildings are owned by an apartment corporation. Individual tenants do not actually "own" their apartments as they would in the case of "real" property. One owns "shares" in the corporation which entitles them to a long-term "proprietary lease."
Condos are quite popular and common throughout the rest of the U.S., however they are a rather new concept for the Big Apple. A condo apartment is real property. The buyer gets a deed just as though he/she were buying a house. Since this is real property, there is a
separate tax lot for each apartment.
The steps to purchasing a co-op or a condominium in Manhattan are very similar. Let us assume that you have found the property on which you wish to place an offer and that you have spoken to a bank or mortgage broker (if financing) to determine a comfortable and qualifiable price level.
Brownstone or townhouse, elevator buildings, loft apartments, super luxury doorman buildings, pre-war buildings, post-war buildings, walk-up buildings.
When moving to most places in the U.S. people pick up the local paper or go to the web. They look at some ads and pick a couple of places to see, and then? simply rent an apartment. No big deal. Renting an apartment is a pretty civilized process in most cities. Throughout our country apartments have washers and dryers, garages or parking spaces, walk-in closets and plenty of storage room. Here in The Big Apple, a parking space in a garage usually costs as much as a one bedroom apartment in the rest of the country.
This closing cost guide is designed to give you the general costs associated with the purchase or sale of a cooperative, condominium or townhouse property. Please note that these are estimates and that potential buyers and sellers should consult their real estate attorney or financial advisor for specifics. Please take note we do not represent that these are the entirety of potential costs, but are only to be used as a guide.