Probably the most common purchases here in New York City are for condos. But for the sake of most NYC dwellers, there are two main types of home purchases: condos and co-ops. There are additional laws important to these associations, such as the Real Property Law (RPL) and the New York Condominium Act. Instead, most residential buildings are set up as unincorporated, nonprofit associations, and as such, are governed by the New York Nonprofit Corporation Law, or NPCL. However, the reason you don’t usually hear the term HOA in New York is because we don’t have a specified statute governing them and due to the nature of the New York real estate market. HOAs exists in most states and counties and have specific laws in place concerning them. Condos generally call them “common charges” and co-ops generally call them “maintenance fees.” Depending on multiple factors, the fees can also vary greatly, which we will talk further about later in the article. In addition, every building will have its own set of rules and regulations for residents to follow, and some can be quite restrictive, so it’s important to know what they are before committing to make a purchase. As a member of an HOA, it is mandatory to pay a certain fee each month – there’s no option. If you buy an apartment or property where an HOA (or the equivalent) exists, which is just about everywhere, you become an automatic member. It has its own rules set up to achieve specific goals of the building, property grounds, and community. It’s typically run by the residents, who either elect board members or ask that residents take turns. The HOA is a board of directors who manage a community of apartments (or subdivisions of houses, in most states). We’re going to take an in-depth look at the HOA, and why it’s important to know how it works in the place you live or choose to live – particularly in NYC. And although the term HOA, which stands for Homeowners Association, is rarely used in New York, maintenance fees or common charges are paid to the same type of association. After all, you’ll need to know if you can afford to keep it, once you buy it. If your goal is to become a homeowner, finding out what fees you’re going to have to pay every month is just as important as the overall price. Here in NYC, navigating the housing market can be a challenge.
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