What are the actual differences between townhouses, coops, condos and cond-ops?
The Manhattan real estate market has forms of property ownership which includes fee simple, traditional townhouses; but the vast majority of housing stock are apartments with forms of ownership which called ‘co-ops’, ‘condos’ and ‘cond-ops’ which are sometimes misunderstood. For example, it is possible to have a coop or condo unit within a townhouse style property. Each form of ownership has different opportunities, rewards and risks, so discuss them with your broker at the beginning of your search. Real Estate Attorney Keith Schuman takes us back to the basics here, by defining the major types of residential property, as part of his series about purchasing a home in New York City. What Is a House?A house generally refers to a one to four-family residence. It is the most common form of home ownership. The purchaser receives a deed to the home and the land that gives “fee-simple” ownership of real property. The purchaser is solely responsible for payment of all real estate taxes, insura
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