Property Types - Sumitomo Real Estate NY - Sumitomo Real Estate Sales New York

Property Types

Condominium

A structure of multiple units in which the owner has the individual real property ownership of a single unit together with an interest in the common area. Each unit is a separate tax lot, and the owner is responsible for paying taxes directly on this deeded unit. A board of managers is elected by unit owners, and it hires a management company for maintenance of the building. Each unit owner pays a monthly common charge to cover the costs of the upkeep of the common areas.

Condo

Not very common. An example: There are three segments in the building -- parking garage, commercial retail floors, and residential floors, with each segment receiving a condominium unit deed. When a residential condominium is owned by a cooperative corporation, it is a condo. It is an appealing ownership structure when a co-op does not want to involve itself in the complexity of managing other segments, such as the parking garage and commercial retail. Real estate brokers sometimes refer to a co-op that does not require or restrict board approval for rental as a condo.

Co-op

A multiple-unit structure owned by a corporation, in which each owner purchases shares of stock equal to the value of the apartment and is given a proprietary lease. The owner is a shareholder of the cooperative corporation. The unit owner pays a monthly maintenance charge, determined by the number of shares, to pay for the building's underlying mortgage, real estate taxes and other maintenance expenses. A board of directors is elected by shareholders and it hires a management company to be responsible for maintenance.

Townhouse / Brownstone

Generally a low-rise structure (4-5 stories) for single or multiple-family residence.