When we learn things in law school that answer questions I've had. This week's "Shockingly, this is Actually Useful" award is a tie between two readings for Property.
1. What's the difference between a Coop and a Condo? I've often wondered. Now I know.
2. The case I just read about someone being sued for trespassing when they entered a farmer's land to provide information and medical care to the farmer's migrant employees. The court said this is ok, it's for the public good and the farmer can't keep government and charity organizations from providing services. Would have liked to be able to whip that one out on the Gretna police when they had my work-buddy up against the squad car while we were circulating information to day laborers about organizing.
Ok, back to making slow progress through my reading and feeling self-satisfied about my choice of appropriate footwear through the 2 ft of snow.
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3 comments:
so what is the difference?
You really wanna know? Ok...
A Condo owner owns the interior walls of their unit and is a member of the condo association. The owner has an individual mortgage for their unit. The association owns the outside and the communal area, the owner pays fees to maintain the communal areas and has the right to use them.
In a Coop, the association/board is a corporation which owns the whole building, under one mortgage. The tenants own shares of the corporation and in turn have the right to use their unit-- so they both own the corporation and are tenants of it.
Interestingly, I asked my mom about this a year or two ago (as she is both an attorney and real estate agent) and she gave me this weird, long explanation that I am pretty sure was inaccurate. Added victory in knowing more than your parents. Woo!
so are coops usually cheaper because you don't as good a deal? Well unless you live in NYC and like to pick who gets to live in your building...
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