Please use this glossary as a guide only. If you need an exact definition or standard that would apply to your situation please consult with an attorney, engineer or any other licensed professional. Zaglist.com® does not guarantee any of the information provided on this site.
# of Rooms – Living areas other than bathrooms. To calculate the number of rooms in a house or an apartment you must exclude the number of bathrooms. For example a two-bedroom apartment with a den and a dining room would have 6 rooms: 2 bedrooms + 1 den + 1 dining room + 1 living room + 1 kitchen.
Bedroom – Typically a room to be considered as a bedroom would require a closet and a window.
Full Bath – A room commonly containing a toilet and a shower or tub.
Half Bath – A room with a toilet that does not contain a bathing area such as a shower or tub.
Common Charges – In CONDOs – Fee for use of and access to common facilities such as hallways, heating system, elevators, and exterior areas. This fee typically does not include real estate taxes.
Maintenance – In Co-ops – Fee for use of and access to common facilities such as hallways, heating system, elevators, and exterior areas. This fee typically includes real estate taxes. A portion of the maintenance may be tax deductible for owners.
Allowed Financing – Part of the purchase price that can be financed by a mortgage. In general, this is a requirement when purchasing a Co-op but it is not unusual to see the same requirement for CONDOs. The Co-op or CONDO association often requires that there is a limit on the amount of money that can be financed by a mortgage. This amount is expressed as a percentage of a purchase price. For example: If Allowed Financing is 80% in a $500,000 purchase, the buyer can finance the maximum of $400,000.
CONDO – Condominium – Property where individuals own a piece of real estate while use and have access to common facilitates such as hallways, elevators, exterior areas, etc. Unlike Co-ops, CONDOs are regarded as real property. Condominium is defined as a form of ownership where owners hold a deed to the property.
Co-op – Cooperative – Property where individuals do NOT own real state but instead own shares (stock) in a corporation and have a proprietary lease for the corresponding property. Co-ops are NOT real estate. Co-ops are personal property similar to for example a car or clothes. Co-op owners are subject to stricter rules under the Co-op Board Rules and Regulations, which often require higher down payment for purchases, background checks, lower flexibility with sub-leasing, limited options for property improvements.
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