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Navigating Through Real Estate Law

You may be looking forward to owning your first piece of property, but you should know what to look out for before you make a purchase. Working with a real estate agent can help you to avoid the most obvious pitfalls, but you must learn how to rely on your own instincts as well. Educate yourself on real estate law and locate the best property for your lifestyle.

US Tax Laws And Penalties

Taxes are essential for the continued operation of social services, local governments and public school systems. There are stiff penalties those that attempt to paying their taxes, but some taxpayers do make genuine mistakes when they underpay their taxes. Learn what your rights are when it comes to tax codes and laws.

Felony Charges

Felony offenses can have a negative impact on your personal life, finances and your employability, but more importantly it can cause you to lose your freedom. In some cases felony charges can stem from false allegations or circumstantial evidence. Make sure that you consult with an attorney and find out what your rights are before you head to court.

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Home · Guides · Understanding the Legal Difference between a Co-op and a Condominium

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Understanding the Legal Difference between a Co-op and a Condominium

Both a cooperative and a condominium are considered to be apartment complexes in which you have certain ownership interests. In both cases, you will bear maintenance costs and both typically offer certain amenities. Depending on the complex that you purchase into, you may have access to an onsite gym or workout room, an indoor or outdoor swimming pool, tennis courts and other amenities. Both also entail certain rules and regulations that must be followed. There is however, a major different in the ownership rights and privileges between a condominium and a cooperative.

If you purchase a condominium, you are typically entitled to live in that space or dispose of it however you please. You can sell it if you wish and condominium fees are typically paid separately from the ownership costs. In a cooperative however, the entire complex is owned by the members of the group or the residents. Whereas condominium owners sell the space that they legally own, cooperative owners sell the ownership rights that they have in the complex. Other members of the cooperative may have the power to veto a buyer that you find who may be interested in purchasing your share of the co-op. Selling your share of a cooperative may not be as easily done as selling your condominium.

The real estate taxes that you will pay are going to differ as well. Condominium owners typically pay real estate taxes only on the condominium that they own. Cooperative owners however, are required to pay the real estate taxes on the entire complex. They simply do so as a group. This can mean around the same costs or if a cooperative complex is not fully occupied, other residents may bear the responsibility of paying addition real estate taxes because they work together to pay taxes on the complex.

If you are trying to decide between a condominium and a cooperative, you should take these things into consideration. Make sure that you fully understand what is required of you and what rights you will have when buying into an apartment complex. You should find out who is in charge of management for the complex and a bit of history about the occupancy to ensure that you are not going to see a major increase in your annual property taxes. Speaking with a real estate attorney may also be a good idea.

You should pay attention when buying a condominium as well. Find out what amenities are available for each scenario and what costs you are expected to bear. Think about maintenance costs when determining your yearly expenses. Consider taxes as well as other costs associated with ownership, particularly if you are looking for the least expensive purchasing option. If you truly want to purchase shares in a cooperative, you will simply need to ensure that you are getting a space that is worth the money. Again, speaking with a real estate attorney can help you to determine whether or not a specific property is a good fit for you.

06.02.2013. 16:17


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