Closings glossary
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 underlying mortgage.
What does co-op maintenance cover?
Quick Answer
The full definition
The monthly charge a co-op levies on each shareholder, covering building operations plus that shareholder's share of real estate taxes and the underlying mortgage.
Where does maintenance (co-op) come up in a New York City closing?
A Forest Hills co-op charges $1,450 a month, and roughly 40 percent of it reflects the shareholder's share of taxes and underlying mortgage interest.
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 ...
- 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 disclo...
- 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, ...
- Proprietary leaseThe occupancy lease a co-op corporation grants a shareholder for a specific unit. It is assigned at closing together with the stock certificate for...
- 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...
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.
- HDFC co-opAn affordable cooperative formed under Article XI of the Private Housing Finance Law, with income caps on purchasers and usually a restricted resal...
- Mitchell-Lama co-opA limited-equity cooperative in the State and City Mitchell-Lama program, sold from a waiting list at a formula price rather than on the open market.
- CondopA building split into two condominium units, one commercial and one residential, where the residential unit is owned by a cooperative corporation.
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