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| Definitions - Community Association Terms Condominium (Condo) Ownership that is a partnership. Each unit owner is a ‘partner’ in the association via ownership of individual units. Ownership of a unit is regarded as ‘real property’ and individuals pay their own real estate taxes as well as secure their own individual insurance coverage for any real or personal property within the walls of the owned unit. Unit Owners are assessed common charges which are paid to the Condo Association to cover other maintenance costs. Ownership rights and rules are established via a condominium declaration and by-laws. A Board of Managers voted in by the unit owners oversees operations and maintenance of the physical property common areas. Cooperative (Co-op) Ownership of stock in a corporation that entitles the owner to the rights of an individual unit(s). Expenses to operate the building or portion of the building allocated as a ‘cooperative ownership’, are paid as ‘maintenance costs’ and are based on the number of shares held by the individual owner. Ownership rights and rules are established via a proprietary lease and by-laws. A Board of Directors voted in by the shareholders oversees operations and maintenance of the physical property common areas. Homeowners Association (HOA) A not-for-profit organization formed by the property owners in a given neighborhood to provide uniform management for the neighborhood and its common elements as well as improve quality of life for the betterment of all living within the organization. Planned Unit Development (PUD) A development (residential or commercial) where owners form a not-for-profit organization to administer and maintain commonly owned property such as street and greenbelts. A PUD of single-family homes may also own other amenities such as a clubhouse, pool or other recreational facilities. Timeshare / Interval The title in a property is shared amongst a group of people (usually in a resort area), each of whom is entitled to occupy the property for a specified period each year. The portion of the individual’s shares is proportional to their voting rights. |
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The Distinguished Programs Group
1180 Avenue of the Americas 16th fl, New York, NY 10036
1-212-297-3100