Performance Property Real Estate Question

The REAL Difference Between Condos & Co-ops

Q: I’m thinking about buying a condo or a co-op, what’s the difference? Camilla, North Bergen, NJ A: Condos and co-ops are similar to the extent that individual owners live in separate units and share common areas. Condos are run by condo associations whereas co-ops have a board of directors. The difference between a condo and a coop is that each entity has a different method of ownership. When you buy a condo, just like when you buy a single family home, you possess ‘fee simple’ ownership, which gives the owner control to use and transfer the property at will. Owning a co-op is more like owning stock in a company. If you have the money to buy a condo, […]

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Gerald’s Real Estate Tip of the – Week of 5/26/15

Get copies of your credit report from all 3 credit bureaus and check them all for errors before you get pre-approved for a mortgage.

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