What Makes Us Different...

 

                       How is the Plaza Cooperative different from a condominium

 

               In a cooperative a person buys a share in the corporation which makes the person a member and which entitles the member to occupy an apartment subject to an occupancy agreement developed by the Board of Directors.

 

               The members own and operate the cooperative through a Board of Directors elected from and by the members and by-laws set by the members and which can only be changed by the members.

 

               One monthly fee covers taxes, insurance, utilities (except telephone), cable TV, debt service on the mortgage, maintenance and a replacement reserve.

 

               Members not only occupy their apartment, but have the use of all the common area, such as the library, parlor, activities room, fitness center, billiards area and workshop.  

 

               When it becomes necessary to the sell the membership, the cooperative assists in marketing and sale for a nominal fee, currently established at 2%.

 

               New members must be approved by the Board of Directors in accordance with guidelines that apply to all.

 

              A condominium, on the other hand, is an individual enterprise. The individual must make arrangements for the purchase and becomes the owner of the unit. The owner is totally responsible for paying taxes, insurance, utilities and a monthly fee to cover external maintenance and maintenance for the common area which is regulated by an Owner's Association.

 

              The individual is responsible for any resale and normally would use a realtor at the going commission rate. The transfer is regulated by all laws, rules and regulations applicable to real estate transactions.

 

              The Owner's Association normally has no control over the person to whom the condo owner can sell.

 

 We are different...

These are some of the common questions.  For more detailed explanation, please see our Manager.