![]() ![]() ![]() The Pembroke bylaws establish a Board of Directors consisting of seven members who serve overlapping 3-year terms. We do not discriminate on the basis of marital status, religion, race, national origin or sexual orientation. Our admissions committee reviews all applications to ensure prospective tenant-owners meet our guidelines for financial qualification, including ability to pay monthly carrying charges (maintenance, fees and assessments) and mortgage obligations. Do I need approval to purchase an apartment at The Pembroke?Ī. Co-op and condominium owners enjoy essentially the same tax breaks as home owners. ![]() ![]() Condominiums tend to be more expensive than co-ops, although monthly maintenance is usually lower because of a lower level of basic maintenance service provided by condo associations as compared with cooperatives like The Pembroke. Purchasers of Co-Op apartments must meet admissions standards established by the Co-Op Board of Directors whereas condo owners are usually free to rent or sell to anyone. Since they are owners of their units, condo owners generally are liable for more expenses than co-op owners, who share the cost of maintenance, taxes and operating expenses for common areas among shareowners. It depends on the purchaser’s preference. Is there an advantage to owning a co-op or condo?Ī. It incorporates shareowners’ obligations, including payment of maintenance charges and fees, and your agreement to abide by The Pembroke’s “House Rules.” Q. The Proprietary Lease spells out the terms under which 2077 Tenants Corporation grants its shares to tenant-owners. Sales and purchase of condominiums involve a transfer of a deed from seller to buyer.Ī. provides you with a Proprietary Lease for your apartment. When you purchase a co-op, you become a shareowner in the 2077 Tenants Corporation, obtaining the number of shares assigned to the dwelling unit you are purchasing. What is the difference between a co-op and a condominium community?Ī. ![]()
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