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Condo vs Apartment Whats the Difference Between Condos and Apartments in NYC
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What's the Difference Between Condos and Apartments in NYC? Learn More: https://goo.gl/KDDaFN • Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer... • As a first time buyer in New York City, you may be trying to figure out the difference between a condo and an apartment. Often times, a property is simply listed as an apartment online when in reality it is actually a condo or a co-op. • Whether you are buying a condo or co-op in New York City, you can save money and reduce your closing costs by requesting a legal and tax-free buyer agent commission rebate. To request a rebate, head over to www.hauseit.com. • Request a NYC Real Estate Commission Rebate: https://www.hauseit.com/nyc-broker-co... • So, what’s the difference between a condo and an apartment in New York City? • An apartment in New York City is a blanket term for a form of living that involves having separate residences within a building, or simply having neighbors with whom you share a building. • A condo is simply a more specific type of an apartment. That means a condo will always be an apartment, but an apartment doesn’t necessarily always have to be a condo. • An apartment can also be a co-op unit, a condop unit or a rental unit that’s part of a building which is wholly owned by one landlord. • Co-op vs. Condo Apartments in NYC: https://www.hauseit.com/co-op-vs-cond... • What is a Condo in NYC? • A condo building refers to a building where all of the units are owned by individuals who hold deeds to their specific units. A condo in New York City is the most flexible form of apartment ownership. • Condos are considered to be flexible because there are usually no financial requirements for buyers and there are very limited restrictions on renting out your apartment, if any. Buyers or renters of condos are not typically required to undergo a board application and approval process. • Steps to Buying a Condo in NYC: https://www.hauseit.com/buying-a-cond... • What is a Co-op Apartment in NYC? • A co op or co-operative apartment is a form of living that is quite unique to New York City. Owners of co op apartments are not actually real property owners. Instead, they are shareholders of a corporation that owns the entire building. Shareholders receive a stock certificate and a proprietary lease that lets them occupy their specific apartment. The cooperative corporation is run by a board of directors that is elected by shareholders. • Co-ops are known for stricter rules and regulations and sublet policies versus condos. The board of directors exercises enormous power over shareholders. Co-op boards require potential purchasers or subletters to submit a lengthy and invasive co-op board application in addition to passing a co-op board interview. Co-ops typically have strict financial requirements for buyers, and they usually require a minimum of 20% down. • For more New York City Real Estate insider tips and tricks, subscribe to our channel and head over to https://www.hauseit.com.
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