Condo ABC's

Buying: Condo ABC's

Condominium – A condominium is characterized by separate ownership of identified portions of the subject property (such as individual apartments in a multi-unit building) and undivided or joint ownership of the remainder (the common areas of that apartment building).

Condominium units can be bought and sold individually, each transferred with a separate deed and subject to a separate mortgage, as would be the case if each were a separate single-family home. At the same time, each condominium owner retains an undivided interest in the common areas, such as hallways, exterior grounds, landscaping and the like.

The condominium is managed by the Condominium Association which is composed of the owners of the individual units and which makes and enforces rules, sets and collects the dues and maintenance fees necessary to maintain the structure, and manages the common areas.

Condominium Unit – In a condominium project, this is what the individualowner actually owns and occupies. Generally, it consists of only the space contained within the exterior walls of the surrounding structure. It is part of the condominium intended for independent ownership. It also includes a proportionate interest in the condominium’s common elements.

Cooperative (Co-Op) – A corporation holds title to all of the units and the common areas. Individuals receive shares in the C0-Op entitling them to exclusive rights of occupancy of a particular unit through a device of an associated long term “proprietary” lease. Technically, individual purchasers do not have ownership of a unit, only ownership of shares entitling them to exclusive possession of that unit. Each unit is allocated a percentage interest in the corporation and receives a number of shares which is often based on the size of the unit being “purchased.” Smaller units have fewer shares than larger units. Assessments are made on a per share basis.

Declaration or Master Deed – The document which contains the required information of a community association, including the land, number of units and procedures for electing members to serve on the board of directors or any association committees.

Governing Documents – The declaration and all other documents, such as by-laws, rules and regulations, articles of incorporation or articles of association, which govern the operation of the community association.

Proprietary Lease – A document granting the long term exclusive right of possession and occupancy of a designated unit to an owner-tenant of a cooperative.

Testimonials

As an attorney representing executors and families in the settlement of estates, and, occasionally, as the executor himself, I am pleased to recommend Carolann Clynes with the highest praise......... Read More
Joseph E. Imbriaco, Esq. Cooper, Rose & English, LLP
We could not have asked for a better agent than Carolann Clynes. She is extremely knowledgeable, particularly about the area we were looking in, professional, always diligently protected our interests, patient, and never pushy or overbearing. She is very personable and her warm personality made it a delight to work with her.
Dan Thorn-Leeson
...Carolann is fabulous. I told her she was my Realtor for life. Carolann: you have been wonderful. You are my realtor for life and I will recommend you to the world.
Sandra Sauls
…pricing strategy was excellent.... Read More
Jean and Leighton Andersen 81 Mountain Avenue , Summit , New Jersey
As an attorney representing executors and families in the settlement of estates... I am pleased to recommend Carolann Clynes with the highest praise. Her judgement and experience in advising executors as to the marketing of real property held in an estate and in formulating and implementing strategies is invaluable.
Joseph E. Imbriaco, Esq.
Thank you for your friendship, support and encouragement over the many long months of my transition. I hope that our friendship will continue beyond the recent real estate transactions.
Adele Vespa, Corporate Counsel to Coldwell Banker Residential Brokerage
In the constellation overlooking my father's world, you have been one of the brightest stars; thank you for your help and friendship. I could not have made it without you.
Rich Little
We felt Carolann was the consummate professional. I cannot adequately explain how happy I was with her service. She is without a doubt the most educated, knowledgeable and professional real estate agent I have ever dealt with and this is my third home!... Read More
Thomas and Karen Devine 55 Dale Drive , Summit , New Jersey
Moving from Europe to Summit, NJ should have been extremely stressful, but CAROLANN CLYNES provided all of the help we needed - from finding the perfect neighborhood to locating a great house. Her professionalism and industry prowess made all of the difference in our search.... Read More
Constance Guindo / The Guindo Family
Carolann Clynes did a tremendous job supporting us through a very difficult closing process. She also foresaw potential issues throughout the process and took preventative action early. It was comforting to know she was on top of issues.
Joseph Musumeci
You were chosen to be on the Summit Place team because of your track-record for success and prior New Homes experience. You lived up to the task and have been a vital member of the sales team. It was a pleasure to work with you again. Thank you for all you did.
David Schoner, Director of Coldwell Banker New Homes Division
I will always be grateful to you for facilitating that blessing in our lives. I am keenly aware of how hard you worked on my behalf and I am very thankful for your efforts.
Leslie Tunstall
Fast, speed, moving, angling...results. Effort is for 12 year olds. You deliver results. That's the difference. That's what you're about Carolann. Love it.
Mark Gall
Selling in this market is a real challenge. Carolann is a go-getter that goes above and beyond to ensure her clients get the best deal. We had a particularly challenging transaction and if it had not been for Carolann, it never would have happened. I have seen her in action for many years on many deals. She is an A+.
Michael & Joanne Vernotico
Dear Carolann,
Thank you for the countless things you did to help ensure the sale of my Aunt’s home. I have great respect and appreciation for all you do and how you do it. You are a gift to me and I treasure your friendship. Enjoy this gift and have fun.... Read More
Judy Maloney
It is no wonder why I hold you in such high regard. YOU ARE THE BEST!
Judy Maloney
We worked with Carolann for an extended period of time due to market conditions. In this overall challenging environment, we were very fortunate to have such a professional on our side when we were selling and also when we were buying. Carolann guided us through every step of the way with her experience and elegance. ... Read More
Louisa Li
Congratulations on your score of 69 out of a possible 70 points on our Buyer/Seller Survey
Jeff Fellers, Vice President, Coldwell Banker Summit Office

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