May. 30, 2006 - Condo Or Co-op
As strange as it may seem, I have gotten an inquiry from Mark in the Los Angeles, California area, about the difference between a condominium and a co-operative. I knew I was almost famous, but nation wide????????
I can see how, to the naked eye, a condo and a co-op might look pretty much the same. Which ever one you live in, you are still pretty much an apartment dweller. The difference is in what you own.
In a condominium you own the unit in which you live, plus a predetermined percentage of the common areas such as the lobby, hallways, elevator, etc.
In a co-operative you own shares of stock in the corporation that holds title to the building and you are granted a proprietary lease to live in one of the units.
In either situation you are still paying assessments for the operation of the building and the up keep of the common areas. This is usually in the form of a month payment.
There is more to be said on the subject, but time is tight and I have to stop for now. I guess you'll just have to keep coming back, eh?
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