StrataSense - The Condo Resource
  • Home
  • Blog
  • Resources
    • Articles - Potential Buyers >
      • BUY01 - The Primary Rule of Buying
      • BUY02- What to Look for: Bylaws for Buyers
      • BUY03 - The Reserve Fund is Underfunded. What Does That Mean?
      • BUY05- Board Minutes for Buyers / Owners
    • Articles - Owning a Condo >
      • OWN01 - Insurance: Get it Now!
    • Articles - Reserve Fund >
      • RES01 - An Introduction to Reserve Funds
      • RES2.1 - Reserve Fund - Main Elements: Part 1
      • RES2.2 - Reserve Fund - Main Elements: Part 2
      • RES03 - Reserve Fund Reports - Getting One Done
      • RES04 - Investing for Reserve Funds
    • Articles - Bylaws >
      • BYL01 - Bylaws: Why They Matter to Owners
      • BYL02 - Bylaws: Why They Matter to Board Members
  • About
    • Legal Disclaimer
    • About Us
  • Contact

Blog
+
What's in the news

Co-Op vs Condo - What's the diff?

9/13/2014

0 Comments

 
Picture
OK, we've all seen it either in TV or movies.... someone (usually in New York) has to....interview to be able to buy an apartment?!?  Generally that's a very foreign concept to us in Canada - so where does it come from?  

The answer is that those desirable glam places you see on TV are referring to co-op buildings, vs the more familar condominium property in Canada.  What's the difference?  See the below link to a great article on both.

Link to article

From the perspective of the existing owner or Board member, Co-ops have a tremendous advantage over condos in that the Board gets to select who gets to live in the building. Keep in mind these are often in older, more desirable and well located buildings - so people are willing to submit themselves to this process. There are horror stories about the interview process to be selected - you don't just roll up and buy a unit like you do with a condomimium.  Typically the Board is screening for financially sound, like minded people that will fit in with the existing resident base.  

Hardly egalitarian, and a horror for buyers, but for current residents and the Board this (and the desire of residents not to get thrown out of the co-op) generally leads to a higher acceptance of living in close quarters under a common set of rules.

~CondoSensei


0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Categories

    All
    Board
    Bylaws
    Condo Fees
    Condo / Strata Act
    Insurance
    Minutes
    Owners
    Property Manager
    Prospective Buyers
    Reserve Fund
    Security
    Special Assessment
    Vacation Property

    Archives

    April 2017
    September 2016
    August 2016
    May 2016
    March 2016
    December 2015
    October 2015
    September 2015
    August 2015
    April 2015
    October 2014
    September 2014
    July 2014
    June 2014
    May 2014

Please read our legal disclaimer    © StrataSense Canada Inc., 2015  
Unauthorized use and/or duplication of this material without express and written permission from this website's author and/or owner is strictly prohibited.
Photos used under Creative Commons from StockMonkeys.com, wwarby, Knox County Tennessee Government, cogdogblog, Osbornb, Frank Wales