Condo vs. Co-op: What's the difference?

CONDO

With condos, you purchase a unit in a building and gain a percentage interest in the common areas. You receive a deed to the unit you have purchased.

CO-OP

With co-ops, you purchase shares of a private corporation that owns and manages the building. You also receive a leasehold occupancy interest in a specific unit and the exclusive right to use it. You do not receive a deed; you receive shares in the corporation.

 

 

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