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Condo Fact of the Day...Did you know? When shopping for previously owned condos you must be provided a current copy of the declaration of condominium (Condo Docs), articles of incorporation of the association, bylaws, rules of the association, a copy of the most recent year-end financial information and the question and answer sheet more than three business days prior to execution of a contract.

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Did you know? Cooperative (co-op) apartments are in buildings owned by a non-profit corporation with each stockholder holding a proprietary lease for their apartment. Co-ops involve the sale of personal property that is the co-op stock certificate with its attached proprietary lease rights to occupy a specific unit. But condominiums involve the sale of real property because the condo owner actually owns the air space within their condo unit. However, Congress has made co-op ownership tax deduction benefits virtually the same as for condos. Most co-ops are located in New York, Florida, Georgia, California, Illinois and Washington, D.C. A prime reason some potential condo conversion buildings became co-ops instead of condos is condos are usually subject to tough subdivision laws, whereas co-ops are much easier to create because they often don't require tough government approvals