Condominiums may be either vertically stacked or horizontal units. An individually owned portion is called a unit or manor and consists of interior space within a defined set of walls, floors and ceilings. Condominium owners are responsible for the maintenance of the interior space of the unit and also the furnace, air conditioning and water heater. The condominium owner has exclusive use of deck, patios and parking areas assigned or attached to their unit. In a condominium association, each homeowner owns a share of all the land in the association. For example, if there are 75 homeowners in the Mutual, each homeowner owns 1/75th of the Mutual, not necessarily the land under of near the home. The home can be placed in a trust or willed to heirs like other property.
In a co-op the buyer is purchasing a membership in a corporation. The buyer is not purchasing a specific manor but is buying an equity position in a corporation. The project corporation owns all the buildings and the lands within the association. The buyer signs an occupancy agreement, which is similar to a rental agreement. Co-op buyers are responsible for the maintenance of the interior space of their home. They have exclusive use of that space and a carport space. The Homeowner Association maintains the exterior of the building, the furnace, air conditioner, and some kitchen appliances. Co-ops can be put in wills and in trusts. Co-ops cannot be owned by a corporation. If financing is required, co-ops may be financed by the National Cooperative Bank.
Contact one of our very experienced Rossmoor Specialists to help you decide which type of residence is best suited to your needs.