Common Charges
Common charges are the unit owners' assessments to cover common expenses of the condominium. NY statute gives the board a lien for unpaid common charges and specifies priority rules and transfer statement mechanics.
- Where it applies
- New York State
- When it comes up
- Underwriting; ongoing ownership; resale
- Property types
- Condos
Read more in the Knowledge Base
- Commercial Tenant Risk in Mixed-Use Buildings - How Retail Performance Affects Residential Common ChargesBuyers
- Renting vs Buying in NYC - When Each Makes SenseRenters
- Should I Sell or Rent Out My NYC Apartment?Sellers
- Commercial Tenant Interdependency in Mixed-Use Condos and Co-opsBuyers
- The Offering Plan Audit - Uncovering Sponsor Rights and Building ObligationsBuyers
Condominium Governance
General information, not legal, tax or financial advice.