Condominium (Condo)
A condominium is a form of real property ownership in which individual units are separately owned, with shared ownership (common interest) in common elements managed by a board of managers under the Condominium Act and the condominium's declaration and by-laws. Governance and lien rights (such as common charge liens) are defined by statute and governing documents.
- Where it applies
- New York State
- When it comes up
- Purchase/sale; governance; enforcement
- Property types
- Residential and commercial condos
Read more in the Knowledge Base
- Selling Co-op Shares vs. Condo Units - Verified Tax and Process DifferencesSellers
- Condo Purchase Package, Waiver, and Right-of-First-Refusal Mechanics in NYCBuyers
- Local Law 97 - Carbon Emission Limits and Compliance Strategy for LandlordsLandlords
- The Offering Plan Audit - Uncovering Sponsor Rights and Building ObligationsBuyers
- Ground Lease Residential StructuresBuyers
Condominium Governance
General information, not legal, tax or financial advice.