What’s the Difference Between a Condo and a Co-op?

Posted on September 15, 2020

Condominiums and co-operatives (commonly referred to as condos and co-ops) are becoming an increasingly more important source of housing for Americans. Demographic trends are seeing more individuals favoring location and convenience over large homes or properties in less convenient areas. In order to meet this demand, the density of living must...

Understanding the Responsibilities of a Condominium’s Board of Directors

Posted on April 21, 2020

The board of directors is the heart of any condominium building. To ensure a well-functioning condominium board of directors, the directors must have a clear understanding of their responsibilities. The board of directors is composed of local residents in the condominium building and includes the following roles: president, vice president, secretary, and...

What Is an FHA-approved Condominium?

Posted on December 15, 2019

When buying a home or condo, traditional bank lending requires 20% of the purchase price to be paid upfront. For many prospective buyers, making a 20% down payment is simply not possible. These prospective home buyers would thus be locked out of the housing market based on their inability to provide a 20% down...

FHA Condo Certification

Posted on April 26, 2019

In order to buy a condo unit with an FHA loan, it is required that the whole condominium is FHA certified by the Federal Housing Administration. Being able to accept an FHA backed loan will allow for more people to be able to purchase a condo from a building. With low down payment requirements,...

The Condominium Basics: Formation, Conversion, Components, Governance, Sale and Resale

Posted on September 11, 2012

In Rhode Island, a condominium is any real estate project which includes individually owned units (i.e. a residential condominium unit) and common elements (i.e. general common elements and limited common elements) that are owned by the unit owners as tenants in common. A condominium is created in Rhode Island by recording a declaration...