Posted by John Behle on December 05, 1999 at 20:58:16:
You do have extra liens that can happen with condos. The condo association fees if unpaid can be lien. sometimes they can go years and accrue to a significant sum.
Co-ops are a different matter. They are similar to condos, but not as uniform. Read the documents carefully and I would not advise investing in them without the aid of an attorney at first. Co-ops can do some strange things. I had bought and sold many in a particular complex. On one I had a wrap (proprietary lease in this case) that was terminated when a majority of the people got together - without me - or even notifying me! - and turned it back into an apartment. I was amazed - and out $1200 bucks.