Condos and co-ops represent two distinct types of multi-unit ownership. In a condo, individuals own their specific units along with a share of common areas, holding a deed for the property. Co-ops, on the other hand, involve purchasing shares in a corporation that owns the building, providing occupancy rights through a proprietary lease. This fundamental difference influences ownership, financing, and lifestyle. Condominiums allow more freedom regarding modifications and rental practices than co-ops, which often have stricter regulations due to their corporate structure.
When you buy a condo, you are purchasing a specific piece of real estate: your individual unit within a larger building. This means you have a deed to your unit, much like owning a single-family home.
With a condo, you own real property. With a co-op, you own personal property in the form of shares. The corporation owns the land and the building.
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