How you hold your residential
apartment will have enormous legal consequences. The three major ways of doing so is renting,
as a co-op, or a condominium. However,
many people do not realize the differences between them.
The
most familiar one is renting. A landlord
rents one of his apartments to you pursuant to a written lease which sets forth
the details of the landlord-tenant relationship. The tenant has no interest in
or responsibilities for the common areas. In a multiple dwelling, the landlord
is required to maintain not only the common areas by also the tenant’s
apartment under a warranty of habitability and quiet enjoyment. A landlord may be held liable even for damage
caused to your apartment by another tenant.
