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On condos and co-ops: be prepared for potential disputes

Many people are comfortable buying their own home or renting an apartment. These two living situations are very common. But there are plenty of people who choose alternative residential situations, such as living in a co-operative or buying a condominium. These living situations give the residents a sense of security and community, and they provide a number of benefits.

For example, these two types of living situations are usually more affordable. With a co-op or condo, you have your own space and are paying for the ownership of said space, but there is also an overarching system to provide services to the members of the co-op or condominium. In addition, these set-ups often have more stability as the members of the co-op or condo are invested in the space and are thus less likely to leave.

However, this doesn't mean that co-ops or condo are without legal problems. There are governing boards that oversee these pieces of real estate, and the people who live in co-ops or condos must abide by the rules they agree to when they sign on to live there. There can also be disputes that arise over time between members of the co-op or neighbors in a condominium.

Every living situation is going to be different and unique, so being prepared -- from a legal standpoint -- is very important. Whether you are a resident at a co-op or condo, or you are a board member at these residential areas, you need to know how to proceed when a legal dispute arises.

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