Advantages of Co-op Ownership

Owning a co-op means you own shares in the building, which is set up as a corporation. Each dwelling unit, depending upon its size and make up, is assigned a certain number of shares that are granted to the purchaser along with a proprietary lease. The lease spells out the terms of the contract and incorporates the shareholders’ obligations, including payment of maintenance fees and charges, and agreement to abide by house rules.

The main difference between co-ops and condominiums is that sales and purchases of condominiums involve a transfer of deed from seller to buyer. Because condominium units are owned outright, owners are generally liable for more expenses than co-op shareholders who collectively contribute to the cost of building maintenance, taxes and operating expenses. Conversely, monthly maintenance can run higher in a co-op.

For tax purposes, co-op and condominium owners enjoy essentially the same tax advantages as home owners.

Century Tower Board of Directors

House Rules

Representative Monthly Maintenance Bill