Condominium and Cooperative Law in New York
Cooperatives and condominium developments are examples of arrangements recognized 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, normally have to pay a fee to cover maintenance of the common areas.
Merely viewing one of these communities from the outside (or inside) will not let you know whether it's a cooperative or condominium community.
The basic difference is that, in condominium communities, the units are purchased and owned by their residents, and they also collectively own the common areas of the development. In a cooperative community, the land and buildings in which the housing units are owned by a single corporation or association. The individual units are rented by the residents, not purchased.
Laws and Regulations Concerning Common Interest Communities in Islip Terrace, New York
There are several laws in Islip Terrace, New York that might be applicable to common interest communities. But most of these laws are not unique to common-interest communities. Rather, they usually concern zoning, land use, and contract law, which are applicable to most other types of real estate, as well.
Typically, the rules established by the owner of the property, or the entity tasked with managing it, are going to have much more of a day-to-day effect on your life than any state laws governing these types of communities.
The land that common interest communities occupy is normally private property. Therefore, the owners of the property are free to make certain rules governing what is and isn't allowed on it. A good manager or owner will normally make every effort to strike a balance between residents' freedom to do what they want in their homes, and the rights of their neighbors to a safe, clean, and reasonably quiet living space.
Some of these rules, however, may not be enforceable, if push came to shove. This would depend on the specific laws of Islip Terrace, New York which control landlords and tenants.
Can a Islip Terrace, New York Attorney Help?
If you are involved in an argument with your neighbor, in conflict with a zoning regulation, or in a dispute with your landlord, a brilliant Islip Terrace, New York real estate attorney can help you prevail.