An agent in Staten Island is explaining maintenance fees to a co-op buyer. The buyer asks what expenses are typically included in a co-op maintenance fee that differ from condo common charges. What should the agent explain?
Correct Answer
B) Co-op maintenance fees include the unit's share of building property taxes
Co-op maintenance fees typically include the unit's proportionate share of the building's property taxes, which are paid by the corporation to the city. In condos, owners pay property taxes directly on their individual units rather than through common charges.
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