3 ms·

Sounds like you bought a co-op, not a condo.

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• rprasad 14y ago
  Condo = unit owners own fractional interests in the shared areas (including the building and land). Co-op = the cooperative owns the shared areas; the members own shares in the coooperative entity. Both = the entity (HOA/cooperative) pays for the maintenance/other costs of the shared areas. Co-ops collect the money for these expenses through monthly dues and yearly assessments. I do not know how co-ops collect for these expenses. My unit is a condo; I fractionally own portions of the building and land. My condo pays for the expenses associated with the common areas through monthly dues and yearly assessments.
  • hell0_th3r3 14y ago
    you have no land rights. ask a lawyer
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