Co-Op Vs Condo

Many people are confused about the difference between a condominium and a cooperative.

With condominium ownership, you own the space that you purchase. In contrast, with cooperatives, you do not actually own the real estate or the space; instead, you own shares in a corporation. The square footage of your apartment defines how many shares you have.

The primary difference between condos and co-ops is basically expenses. When you own a co-op, your property taxes are included in your monthly fee. More often than not, your utilities are included as well.

To own a co-op, you must fill out an application, go through an interview process, and be approved by the committee representing the cooperative before your settlement date.

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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