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Information about Buying or Selling a Condo. Co-op or Condo? Condominiums: Owner has a deed for the unit, has a separate mortgage, pays the property taxes, the insurance on the unit, plus a maintenance fee and a percentage of the common areas. A board of directors governs the complex with the owner having one vote.  The condominium owner has a fee simple absolute unrestricted ownership and is individually responsible for property taxes and maintenance fees. When selling condo, use the sales price of condominiums with similar size, appeal, age, neighborhood, incurring similar maintenance fees, etc. to determine market value. Cooperatives:  Most co-ops are incorporated and a board of directors governs the complex with the owner of each individual unit having one vote.  The owner has no deed, only stock and a proprietary lease which has a term from 10-50 years renewable automatically or at the discretion of the shareholders. He/she cannot refinance his unit as a condo owner can. Mortgage, property tax and maintenance fees are paid pro rata by the owner according to the percentage of the overall size of the unit. Property tax appeals involve the corporation and the stockholders.   How to be fully prepared to sell a Condo or a Co-op or a High-rise:   Have a copy of the by-laws, proposed by-laws, fees for maintenance of outside areas prepared. Note if the buyer is allowed to make improvements (found in the condo's Declaration of Condominium document). Obtain a copy of the condo's current budget and their financial statement so you have the information on hand. Show that the current fees are paid and up to date. Owners can be evicted for nonpayment of fees and knowledgeable buyers want to be sure that there are no liens.  If there are liens on the property, there may also be a special assessment down the road.   Obtain a copy of the Certificate of Insurance showing how much the condo board has purchased to cover damages to the common areas. Get a copy of the statement of the percentage of occupancy of the condominium complex. This is a good selling point when selling a condo if the occupancy rate is high. Many lenders do not make mortgage loans unless the building is 70 percent occupied by owners. Obtain a copy that spells out the use of recreational facilities as well as a drawing or photo of the unit's interior and recreational facilities. Get a list of improvements, if any, the developer agrees to make. These are great selling points. Get a statement that spells out the monthly or yearly maintenance fees the buyer is expected to pay. Obtain a copy of the Certificate of Title for your condo unit. When selling condo, if you decide to use a real estate agent, you may want to use to locate the best rated agent in your selling area. Not only do you get better results, but a top rated Realtor will weed out buyers who do not qualify for a mortgage. They will negotiate with the buyer for you. They are a resource of information to sources for insurance, inspections, legal counsel and financing. You DO deserve a proven realtor.