Co-op Living

I quote from the New York Times of Sunday, February 8th.
"Condos are vulnerable to hard times in ways that co-ops are not. If your neighbor defauls, community charges can soar."
How can that be? In a condo if your neighbor defaults, his assessment arreage belongs to all those who live in the building. Enogh of these and the management has trouble paying the buildings expenses.

In a co-op if someone defaults, the assessment to the building is paid before the bank gets their money. In general a co-op is more solvent because buyers had to pay more money down to begin with.