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What is the Difference between a Condo and a Co-op?

I am moving to New York as I have found a good job there. I am talking to people there trying to find out a cheap apartment and I am hearing two words that are really confusing me. A Condo & a Co-op. What is the difference between these two and aren't both of them different names of a simple apartment? I have no idea. Please help.
Asked By Robert S. | 428 views | Tips Advice | 3 years ago
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Rising Star
26 Answers
Spirit Messingham

Tierra Antigua Realty

(125)

Hi Robert Here in Tucson AZ, A condominium is a building structure divided into several units that are each separately owned, surrounded by common areas that are jointly owned. A Co-op, a cooperative is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise". Cooperatives are democratically owned by their members, with each member having one vote in electing the board of directors. A condo is run by a HOA, usually a management company and Bylaws. Hope helps, best of luck. Spirit
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Rising Star
11 Answers
Keith Watts

Watts Team Real Estate, Inc.

(225)

Spirit M has given a really good answer. I would only add that in California an important factor is the actually Tax Parcel. A condo has an individual parcel ownership with it's own tax bill and a Cooperative has all the units sharing one property tax bill. Not sure any of this matters when renting.

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1 Answer
Peter Rand

Local Homes NY

Hello Robert - Co-ops and condos are similar in that residents live in separate units with shared common areas (i.e., pool, recreation center, tennis courts, playground). The main difference between a co-op and a condo is the ownership structure. When you purchase a condo, you own the actual unit (as you would own a house) and a percentage of the common areas. When you buy a co-op, you are not purchasing real estate, bur rather shares in a corporation; at closing you are issued stock certificates and a lease (called a "proprietary lease") that enables you to live in a unit. There are a number of other issues to consider when considering a co-op vs. a condo, including the way taxes are handled, and whether an interview with the Board is required. I would be pleased to answer any other questions you may have.

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