What is the difference between condo appartment and condo co-op?
I often saw these two names on real estate adds,Condo Appartment and Condo Co-Op.
I really don't know wich differentiates one from the other,and what is the better choice when looking to buy an appartment?
- Anonymous1 decade agoFavorite Answer
A regular condo sale is like purchasing any other condo, you are buying the property, you'll have a mortgage and have association fees. A co-op means you usually buy in at a fixed rate, you get approved by the condo association, and when it comes time to sell you are not the one who makes all the profit--your profit usually will have a ceiling on it set by the co-op. They can cost less to get into, but then again, you aren't seeing your investment appreciate the way it possibly could with a more traditional piece of real estate.
- 1 decade ago
Individual ownership of a portion of a building, with common areas shared by all owners. Maintenance fees called "assessments" are paid to the condominium association to maintain, repair, or improve the property.
- 1 decade ago
A coop is owned through shares of stock in the cooperative company. There is no deed to your specific unit.
A condo has a deed.
Either can have, or not have restrictions on living there, profit sharing, etc., although this is more prevalent in New York coops.
- Anonymous1 decade ago
condo/apartment: you rent an apartment
condo/co-op: you rent to own (I believe this is what it means, but perhaps just call an agent who made the ad up and ask)