Cooperatives & Condominiums
Monthly fees paid by NY condo unit owners covering operating expenses for common elements — but NOT including taxes or unit mortgage.
Common charges are the condo equivalent of co-op maintenance, but with critical differences. Condo common charges cover operating expenses for the COMMON ELEMENTS only: building staff, lobby, elevators, mechanical systems, common-area utilities, and reserves. They do NOT include the unit's property taxes (paid directly by the unit owner) or any mortgage payment (the unit owner has an individual mortgage). This is a key distinction from co-op MAINTENANCE, which bundles operating expenses + the building's underlying mortgage + the building's property taxes. Condo common charges are typically lower than equivalent co-op maintenance for this reason.
Exam Tip
Condo common charges = operating expenses ONLY. Do NOT include taxes or mortgage. Co-op maintenance bundles all three. The most-tested distinction.
Study Guide
Co-ops & Condos
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Practice
NY Real Estate Co-ops and Condos
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