Condo Vs Coop

i'm starting to think about buying a property but i'm not sure what is the difference between own a condo or a coop?

Comments(3)

  • myfrogger9th January, 2004

    With a condo you own an undivided interest in a particular unit and common areas. You get a deed for the property.

    With a co-op you are essentially a shareholder of a company that owns the property. As a benefit of being a shareholder, you have the rights to a particular unit. In some areas of the country it is hard to find financing this way. However as a property tax saving plan, you may consider this where you want to rent out the entire building have the property assessed and rolled back as a residential property.

  • guillermo91114th January, 2004

    thanks!!!!!!!!! for answering

  • HouseHuntersUSA14th January, 2004

    Quote:
    On 2004-01-09 23:52, myfrogger wrote:
    With a condo you own an undivided interest in a particular unit and common areas. You get a deed for the property.

    With a co-op you are essentially a shareholder of a company that owns the property. As a benefit of being a shareholder, you have the rights to a particular unit. In some areas of the country it is hard to find financing this way. However as a property tax saving plan, you may consider this where you want to rent out the entire building have the property assessed and rolled back as a residential property.


    Do you know of any companies that finance coops?

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