Both are typically apartments located in buildings or townhouses, the major difference is the ownership structure. Condos are treated more like traditional “real property”. The owner actually owns the apartment and is given a deed to the unit. Typically the rest of the building consists of shared space and other units owned by other entities/individuals.
A co-op is an apartment in a building wholly owned by a corporation. The owner does not own the unit as “real property” but instead “personal property”. The owner buys a pre-determined amount of shares of the corporation that represents the apartment. The owner is then given the right to occupy said unit.
Both have a review process by a board for purchasing but Co-op boards by far can be more decerning.
Comments