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What Is A Condop?

A condop is a co-op building with both commercial units (usually on the ground floor) and residential units, each governed by separate boards, unlike a typical co-op building that only has one board looking over the whole building. A condop basically consists of two condos – One consisting of all the commercial space, while the […]

What Is A Tax Abatement?

A tax abatement is a financial benefit that may reduce the amount of property tax you have to pay in NYC. Abatements reduce the taxes after they have been calculated, and the condo owners may qualify for these tax abatements directly and get a smaller property tax bill. Since co-op buildings are taxed as a […]

What Are Inspections?

An inspection or a home inspection is a detailed examination of a property by a licensed professional that checks a property’s structure, condition, appliances, and heating, cooling, plumbing, and electrical systems to see if there are any problems. These inspections are quite common before buying a property.  They are more common in single-family homes than […]

What Is A Condo Questionnaire?

A condo questionnaire is a comprehensive form/questionnaire about a condominium building. When you are buying a condo with a mortgage, your lender will send this condo questionnaire to the sponsor (if they are still managing the building) or the condominium manager to fill. It includes questions about: Basic information about the condominium, including whether it’s […]