Condominium and Cooperative Law in New York
Cooperatives and condominium developments are examples of arrangements known as "common interest communities."
These residential communities are composed of a single piece of land, occupied by one or more buildings, each of which contains more than one housing unit. The units are owned or leased by the people who live in them, but the buildings themselves, and the land they sit on, are owned either collectively by the residents, or by some third party. The residents are responsible for the upkeep of the buildings and the common areas of the property (walkways, lawns, swimming pools, etc.). To that end, they usually pay a periodic fee to cover maintenance.
Just looking at the physical structure of a condominium or cooperative community, it would be nearly impossible to tell which is which.
There are no physical features distinct to either one, which can be used to distinguish them. Rather, the difference lies in the legal arrangement that governs 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 Valley Cottage, New York
There are various laws in Valley Cottage, 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.
Your day-to-day life in a common interest community will likelyy be impacted more by the rules set by the owner or manager of the property, rather than any local or state laws.
The owner or manager of the property on which your unit sits will likely have a significant number of regulations concerning what can be done in and around the housing units. These rules will likely concern cleanliness, noise, and policies governing the presence of pets and long-term guests.
Some of these rules, however, may not be enforceable, if push came to shove. This would depend on the particular laws of Valley Cottage, New York which govern landlords and tenants.
Can a Valley Cottage, 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 reputable Valley Cottage, New York real estate attorney can help you prevail.