What is the difference between condo appartment and condo co-op?

Question

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?

Answer 1

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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.

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Answer 2

Condo appartment:

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.

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Answer 3

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.

Source(s): http://en.wikipedia.org/wiki/Cooperative#Building_... http://en.wikipedia.org/wiki/Condo

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Answer 4

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)

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