Definition of a Condo
What Are Condominiums?
Condominiums are considered real property in Manhattan, just like freestanding houses, the difference being that ownership of a condo is ownership of an individual property in a multi-unit structure, along with joint ownership of common elements such as hallways, stairs, recreation areas, etc.
A condominium association, which includes all condo owners, elects a Board of Managers to construct its house rules. The Board of Managers determines the cost of operating the building and sets the monthly maintenance expense, called common charges. In addition to common charges, taxes for condominium units are paid directly to the city and state, twice a year by the individual unit owner. There are a few challenges when you consider selling your condo and my Marketing Plan is prepared to help you.
My Home Tracker
- Save your favorite homes
- Get new property alerts
- Share with friends and family
Home ValuesFind and compare local neighborhood home values