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That is a can of worms that could equal 500 words.
Basically a condo is property you own and a CO-OP is shares of a building and way more restrictive as far as the rules.
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Nina Hollander, Broker
Charlotte, NC
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Carol Williams
Wenatchee, WA
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Coops can run by there own rules! You do not own property, you own shares!
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Nina Hollander, Broker
Charlotte, NC
2,538,633
Good morning Christopher. The coop board is very involved in the approval process of the buyer, based on the rules that are in place.
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Nina Hollander, Broker
Charlotte, NC
634,532
One is real property and one is shares in an entity.
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Nina Hollander, Broker
Charlotte, NC
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Christopher we have a guide on our website that explains the difference between condo vs co op.
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The biggest difference is the approval process of the condo vs. the coop.
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Christopher Ward Apples and oranges. The important thing to remember is if a coop goes into foreclosure, everyone in the building is at risk. If a condo goes into foreclosure, only the unit owner is at risk.
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The type of ownership and the type of mortgage. Condominium ownership is much more common in our market. Very few co-ops.
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The biggest difference is the type of ownership and board approval process.
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A cooperative sells shares in a corporation. You need to get through a board for approval to buy.
And in many coops there are tight regulations as to how much you can finance, regardless of what a bank will lend you.
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A huge difference: financing. In my area, we have very few reps who would take a coop. Also, coops have a lot of very specific rules who can buy and live there and how they approve a new coop owner.
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It's really not, excpet for the paperwork and the need for board approval of the buyers.