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COOPERATIVE APARTMENT AND CONDOMINIUM:
WHICH IS BETTER?
Some people wish to own their apartments. They have a choice 26 ___ a cooperative apartment ___ a condominium. 27 ___ two terms have nothing to do with the size, shape, or location of the units. They relate only to the form 28 ___ ownership. A cooperative apartment (co-op) 29 ___ not technically ___ by a tenant. Rather it is owned and managed by a cooperative organization, which consists of all the building residents. 30___ who wishes to live in one of the apartments joins the co-op. by purchasing shares* in the organization. He or she then receives 31 ___ rights to a specific unit. These rights, however, do not amount to outright ownership**. The co-op member, for example, cannot 32 ___ the unit. Instead, when ready to move, the member sells his or her shares back to the co-op. 33 ___ of the cooperative apartments make monthly payments to the organization. A condominium is similar to a co-op, but the occupant does own his or her unit outright. This fact means that the person can sell or otherwise dispose of the 34 ___ as he or she wishes. The condominium owner is also responsible for making his or her own payments. The management fee is paid 35 ___. It supports the maintenance of building facilities owned in common with other tenants. Examples include hallways, elevators, tennis courts, and other recreational facilities.
* purchase a share – выкупить долю (пай)
** outright ownership –полная собственность
