Closings glossary
Assessment (co-op or condo)
A charge levied by a co-op or condominium board beyond ordinary maintenance or common charges, typically to pay for a capital project. It is disclosed in the managing agent's closing letter.
What is a co-op or condo assessment?
Quick Answer
The full definition
A charge levied by a co-op or condominium board beyond ordinary maintenance or common charges, typically to pay for a capital project. It is disclosed in the managing agent's closing letter.
Where does assessment (co-op or condo) come up in a New York City closing?
A Manhattan co-op declares a two-year facade assessment mid-contract, and the contract rider decides whether the seller pays the balance or the buyer takes it over.
What else should you read before closing?
In the glossary
- Common chargesThe recurring charge a condominium levies on each unit for building operations and reserves. Real estate taxes are billed to the unit directly and ...
- Maintenance (co-op)The monthly charge a co-op levies on each shareholder, covering building operations plus that shareholder's share of real estate taxes and the unde...
- Flip taxA transfer fee charged by a co-op or, less often, a condominium when a unit changes hands. It is a creature of the building's governing documents, ...
- Co-op lien searchThe search performed on a co-op purchase covering UCC filings, judgments, liens and unpaid building charges tied to the shares and to the selling s...
- FISP (Facade Inspection Safety Program)The Department of Buildings program requiring periodic facade inspection and filing for buildings over six stories, on a five-year cycle with stagg...
Building types
- Standard co-opThe ordinary New York City cooperative: you buy shares in a corporation and receive a proprietary lease to occupy a specific apartment.
- Standard condoA New York City condominium unit: real property conveyed by deed, recorded in ACRIS, with an undivided interest in the common elements.
- Land-lease co-opA cooperative that owns its building but leases the ground beneath it from a separate landowner, on a lease with a reset schedule and an expiry date.
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