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Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

stacey wuyts A condo is purchased fee simple where the owner owns the unit. A co-op is purchased as shares in the corporation that owns all the units. If a condo is foreclosed, the owner is the only person at risk. if a co-op is foreclosed all the tenants are at risk.

Jan 04, 2017 01:13 PM
Ambassador
2,160,819
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

As an agent, the selling process isn't all that different.  It is all in the form of ownership for the buyer.

Jan 04, 2017 02:19 PM
Ambassador
3,339,049
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

No one likely can say it better than Ken Jones and Michael Setunsky 

Jan 04, 2017 02:02 PM
Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Michael Setunsky gave you the answer....

Jan 04, 2017 01:22 PM
Rainmaker
986,952
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

We don't have co-ops here however, Michael Setunsky and Ken Jones both have very good descriptions of the difference

Jan 05, 2017 08:14 AM
Ambassador
2,679,049
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Michael Setunsky has your answer.

Jan 04, 2017 07:37 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

There are several similarities of sharing common areas and having an HOA but a cooperative usually has an application process to qunatify new people wanting in and if the board says no you cannot sell your unit.

Jan 04, 2017 03:11 PM
Rainmaker
5,190,916
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Michael Setunsky provided the short version very well!

Jan 05, 2017 07:31 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Michael Setunsky nailed this one!

Jan 05, 2017 03:50 AM
Ambassador
3,727,581
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

They are different forms of ownership, and there are many local differences. You will have differences in the paperwork, and most of the distinctions are handled by the title attorney who does the settlement.  

Jan 04, 2017 08:22 PM
Rainmaker
7,788,054
Roy Kelley
Retired - Gaithersburg, MD

A cooperative is personal property and your receive a unit of ownership that is not real estate. You better understand the differences if financing is needed.

Jan 04, 2017 05:43 PM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Ken did a great job in the explanation

Jan 04, 2017 05:11 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

The difference is in the approval process for the buyer.

Jan 04, 2017 04:54 PM
Rainmaker
4,552,928
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

In our area, the difference in selling is in the financing available.  When it comes to owning, there are legal differences.  

Jan 04, 2017 04:16 PM
Rainmaker
2,775,511
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

There a few things to say about both...too many to thumbnail

Jan 04, 2017 02:35 PM
Rainmaker
1,045,440
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

Coops owners receive shares rather than a a title.. there are other differences as well and most seem to have been covered already.

Jan 29, 2018 08:06 PM
Rainer
55,673
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

Well on a Realtors end of the transaction...nothing is really different, it's on the financing where you may have a problem. Remember, when you buy a Co-op you are not buying real estate, but shares in the Co-op association. Many lenders will not do Co-ops (I do them),but in New York, Manhattan especially, up to 70% of all sales are co-ops,and financing there it not a problem. Good Luck...Joe

Jan 06, 2017 10:32 AM
Rainmaker
897,818
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

There are many differences; I would never buy a co-op.

Jan 05, 2017 03:36 PM
Rainmaker
1,617,866
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

no experience with a cooperative

Jan 05, 2017 06:43 AM
Rainmaker
1,722,626
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

As Ken Jones wrote for the umpteenth time!

Jan 05, 2017 06:40 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Others have answered.

Jan 05, 2017 05:26 AM
Rainmaker
5,096,166
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Coops -- you buy shares in a building. Condos -- you buy real estate. Coops have the right to approve purchasers, i.e. shareholders and to refuse a sale.

Jan 05, 2017 03:28 AM
Rainmaker
1,157,785
FN LN
Toronto, ON

One difference is that some of the forms are different.

Jan 04, 2017 11:05 PM
Rainmaker
4,272,424
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Easy, we don't have coops in my area...

Jan 04, 2017 06:57 PM
Ambassador
5,200,878
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Ken Jones has a good link for you - definitely a difference you'll need to fully understand!

Jan 04, 2017 05:08 PM
Ambassador
6,352,545
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

One is a Stock purchase and a lease, the other is a Real Estate purchase.

Jan 04, 2017 04:54 PM