• Home
  • Sell With Us
    • FREE Seller Guide Spring 2020 Edition
  • Buy With Us
    • FREE Buyers Guide Spring 2020 Edition
  • Communities
  • Home Value
  • RESIDE
  • About
    • Our Brand Story
    • Contact Victor
  • Raving Fans
Exceptionally beautiful neighborhoods, homes, aerial view at sunrise.
7 Factors to Consider When Searching for the Perfect Neighborhood
March 18, 2018
Drowning earth
4 Steps to Natural Disaster Preparedness
March 22, 2018

Expert Insights: What Are Co-Ops?

Park Ave Condos & Co-ops

Cooperative apartments—known as co-ops—are not really owned by people as real property. Instead, people own shares of stock in the company that owns the building in which they live. But for all practical purposes, the experts say owning a co-op is almost like owning real property. Personal loans to “buy” a co-op apartment are written almost like mortgages. And the IRS treats co-op owners much like real property owners. They can deduct interest paid on their apartment loans and on their portion of the municipal taxes and mortgage interest paid by the corporation.

Shareholders in a co-op are entitled to occupy specific units, use the common areas, and have a vote in the corporation. To maintain this right, they must pay a monthly fee that covers their share of operating expenses.

As for governance, a board of directors, which is elected from among the residents, runs the co-op. Under most bylaws, the board may evict any tenant/shareholder who fails to pay the monthly maintenance fee. Everyone is expected to abide by the rules, which may prohibit pets or even children under a certain age.

Share

Related posts

December 5, 2020

SQUARING AWAY YOUR WALLS


Read more

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

WHO YOU WORK WITH MATTERS

Victor Pais  |  Nick Sadek 
Sotheby’s International Realty
Cal DRE License# 01709269

Serving Placer, Sacramento, El Dorado and the surrounding areas with a full-service real estate experience. +1 916.622.0363

Send Me A Message


Sorry we are experiencing system issues. Please try again.

Destinations

Loading...

WHO YOU WORK WITH MATTERS

Victor Pais  |  Nick Sadek 
Sotheby’s International Realty
Cal DRE License# 01709269

Serving Placer, Sacramento, El Dorado and the surrounding areas with a full-service real estate experience. +1 916.622.0363

 

We Love What We Do…

  • Professional Photography and 3D Virtual Tours
  • Professional Video and Drone services
  • A Website created just for your property
  • Access to over 1,000+ offices in 70 different countries
Our address:

Nick Sadek – Sotheby’s International Realty
2277 Fair Oaks Blvd Ste 460,
Sacramento, CA 95825

Call Me:

+1 916.622.0363

2020 Copyright victorpais.com website by
ElitePartnerSolutions.com