Keys to Purchasing a Condo or a Co-Op

Keys to Purchasing a Condo or a Co-Op

by Jack P. Friedman, Jack C. Harris




The authors explain the difference between condos and co-ops, and help readers decide which is best, depending on one's personal circumstances. Barron's easy-to-understand Business Keys take the mystery out of finance and investment for ordinary consumers. These easy-to-read books offer up-to-date advice on saving, investing, protecting one's assets, coping with taxes, and prudent management of personal finances.

Product Details

ISBN-13: 9780812042184
Publisher: Barron's Educational Series, Incorporated
Publication date: 04/28/1990
Series: Barron's Business Keys Series
Pages: 160
Product dimensions: 4.20(w) x 6.98(h) x 0.34(d)

Table of Contents

1.There Is a Condo for (Almost) Everyone!1
2.What Is a Condominium?3
3.What Is a Co-op?5
4.Ownership and Use of Common Areas7
7.Condominiums and Co-ops as Investments14
8.Vacation Condos17
9.Affordability and Loan Qualifying21
10.Owning Versus Renting24
11.Multifamily Versus Single-Family27
12.Choosing Between a Condo and a Co-op30
13.Condo-/Co-op-Buying Process32
14.A Buyer's Broker34
15.The Internet36
16.Pitfalls When Buying38
17.Co-op Checklist41
18.Condo Checklist43
19.Making an Offer45
21.Negotiation Points49
22.Sales Contracts51
23.Binders and Attorney Review Period54
24.Environmental Factors56
25.Mortgage Types59
26.Financing a Co-op Purchase62
27.Financing a Condo Purchase64
28.The Closing67
29.The Special Case of Conversions70
30.Condominium Documents73
31.Co-op Documents75
32.The Co-op Proprietary Lease77
33.Co-op Shareholders' Rights and Responsibilities79
34.Co-op Tenancy81
35.Fees, Rent, and Maintenance83
36.What Happens If You Don't Pay Your Fees?85
37.Property Taxes87
38.Insuring Your Home89
39.Repairs and Maintenance91
40.Property Improvements, Alterations, and Repairs93
41.Property Management95
42.Recreational Facilities97
43.Working with the Operating Board99
44.Home Ownership and Income Taxes101
45.Condo/Co-op Tax Considerations104
46.Taxation of Second and Vacation Homes106
47.Estimating Total Costs of Condo Ownership109
48.Keeping Records112
49.Dealing with a Developer or a Converter114
50.Conflicts Among Residents117
51.Leasing or Subleasing Your Unit119
52.Selling Your Unit121
53.Seller's Use of a Broker124
54.Seller Financing126
55.Terminating a Condo or Co-op129
Questions and Answers131
Payment Tables153

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