Michigan Apartments, Co-Ops, Condominiums and Townhouse Rentals
Apartments come in different sizes some of which can be rented and some owned. They tend to be
smaller than living in a house and you are usually connect to your neighbors apartment. Most
leases are signed on a yearly and can be renewed.
There are differences between owning a condominium and a single family house. Condo's offer
low maintenance but there are monthly condo fees for that to maintenance and repair of
the common areas. Every condo owner is also member of the condo association to
enforce the bylaws, handling issues and deals with disputes with developers or between condo owners.
Cooperatives, also known as co-ops, are apartment buildings that are run by a corporation with each co-op
having a number of shares assigned to it. Buying a co-op unit is buying shares in the corporation,
you are not buy the actual real estate, so you don't own the actual space of the co-op. You are a partial owner of this
corporation that owns the rights to your co-op land and building. You do have rights to live in your co-op according to your proprietary lease.