Condominium and Cooperative Law in New York
Cooperatives and condominium developments are examples of arrangements identified as "common interest communities."
These are residential areas with one or more buildings, each housing multiple residential units. The units are part of a larger building, which contains other residential units. In turn, there are several such buildings on the property. The units are rented or owned by the residents, but the building as a whole, and the land on which it sits, is owned either by a third party, or collectively by all the residents. The residents, in addition to mortgage or rent, typically have to pay a fee to cover maintenance of the common areas.
If you simply look at a condominium or cooperative community, you probably won't be able to tell if it's one or the other.
There are no physical features unique to either one, which can be used to distinguish them. Rather, the difference lies in the legal arrangement that regulates the relationships between the residents and managers. In condominium communities, the residents own the units they live in, and collectively own the land and buildings in which they are located. In a cooperative community, the units are rented, and are owned by a single entity.
Laws and Regulations Concerning Common Interest Communities in Croton On Hudson, New York
Croton On Hudson, New York likely has several laws and regulations concerning common interest communities. However, these are mostly limited to the laws and regulations (zoning, land use, etc.) that concern all real estate owners.
Your day-to-day life in a common interest community will probablyy be impacted more by the rules set by the owner or manager of the property, rather than any local or state laws.
Because the land they occupy is typically private property, it is the owners of this property who make most of the rules that will affect your daily conduct. A responsible manager will typically make rules designed to balance your right to live as you please in your own residence, with the right your neighbors have to a clean, safe, and quiet living environment.
This power, however, has limits. There are some rules which landowners cannot impose. Most obviously, they can't bar people from renting or buying units based on their race, religion, or national origin in Croton On Hudson, New York. This conduct is illegal under state and federal law, and can result in severe civil penalties.
Can a Croton On Hudson, New York Attorney Help?
If you have problems with your landlord, your homeowners association, or a neighbor, a knowledgeable Croton On Hudson, New York real estate lawyer may prove invaluable.