Is it a rental? A condo? I don't get it. If you buy one do you pay a monthly fee in addition to your mortgage?
2007-03-02 11:58:14 · 2 answers · asked by sci55 5 in Business & Finance ➔ Renting & Real Estate
You own shares in the corporation that owns the building.
Yes, you pay fees in addition to your mortgage.
In a condo, you own your unit and a percentage of the common areas.
With a rental, you lease the property and certain rights that would normally be reserved for the owner are transferred to you, but you do not actually own it.
2007-03-02 15:05:04 · answer #1 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
courtesy of wikipedia:
"A housing co-operative is a legal entity, usually a corporation, that owns real estate, one or more residential buildings. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an Occupancy Agreement, which is similar to a lease. The Occupancy agreement specifies the co-op's rules."
2007-03-02 20:06:10 · answer #2 · answered by morequestions 5 · 0⤊ 0⤋