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Rainmaker
1,131,893
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Ultimately, the space lives the same way.  But in a condo, you're purchasing the actual space whereas in a co-op, you're buying shares of the corporation.

Jan 24, 2017 05:02 PM
Ambassador
3,985,382
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Cooperatives owners can vote to let others buy in or not. It is a bit exclusive.

Jan 24, 2017 09:09 PM
Ambassador
2,470,382
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hippies buy co-ops, retirees buy condos.

Jan 24, 2017 06:33 PM
Rainmaker
3,507,090
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

A coop is not real property. It is buying shares in a privately held entity. This question has been posed more times than I can think. Lots of good previous answers in AR.

Jan 25, 2017 03:53 AM
Ambassador
3,212,229
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

When buying a coop, you receive a proprietary lease and are purchasing a specific number of shares. In the coops I have sold, there is no financing...must be cash and you must get board approval.

Jan 24, 2017 07:42 PM
Rainmaker
5,899,395
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

A cooperative is personal property, a share of the ownership, and not real estate.

Jan 25, 2017 04:01 AM
Rainmaker
776,542
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Selling is the same; it's the legal structure of the ownership's that's different.

Jan 24, 2017 08:04 PM
Ambassador
1,706,708
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Since we don't have cooperatives in Oklahoma City we don't face that issue.

Jan 24, 2017 07:29 PM
Rainmaker
1,363,351
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Selling the property is the same, the ownership is different.

Jan 25, 2017 05:18 AM
Rainmaker
1,157,329
FN LN
Toronto, ON

Some of the forms we use are different.

Jan 24, 2017 10:09 PM
Ambassador
3,724,720
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Exactly what Margaret Goss said!

Jan 24, 2017 09:46 PM
Rainmaker
1,053,599
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Your selling an interest vs. a % ownership and what Margaret Goss said.

Jan 24, 2017 07:18 PM
Rainmaker
584,175
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

I think I like the answer from Fred Griffin the best!

Jan 24, 2017 07:02 PM
Ambassador
4,768,572
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Only the second one is the sale of Real Estate, the first is a stock certificate and a lease.

Jan 24, 2017 06:21 PM
Rainmaker
1,523,816
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

I am glad you asked and Margaret answered.

Jan 24, 2017 05:24 PM
Rainmaker
3,962,062
Dorie Dillard CRS GRI ABR
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Margaret Goss ..perfect answer to the question.

Jan 24, 2017 05:15 PM
Rainmaker
5,398,061
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

ditto to what Margaret said....

Jan 24, 2017 05:07 PM
Ambassador
4,306,997
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Heather Zollinger - well, different rules, regulations, guidelines and permissions, too.

Jan 25, 2017 10:26 PM
Rainmaker
3,985,581
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

They are very simalar in many asppects

Jan 25, 2017 08:48 PM
Rainmaker
1,506,627
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Financing is harder to get and the buyer have to be approved by community( at least, in here).

Jan 25, 2017 06:39 PM
Ambassador
2,209,980
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

We have very few condos and no cooperatives in my market. I can't answer your question. Good luck. 

Jan 25, 2017 03:08 PM
Rainmaker
4,798,831
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

The ownership and approval process are the biggest differences.

Jan 25, 2017 10:17 AM
Rainmaker
2,888,301
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Margaret Goss has this one covered ... she explains it so well.

Jan 25, 2017 08:19 AM
Rainmaker
1,484,621
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

As an agent, not so much different.  It is a different type of ownership and the buyer needs to understand the ownership position.

Jan 25, 2017 07:53 AM
Ambassador
3,313,185
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I do not know my area doesn't have Co-Ops... 

Jan 25, 2017 07:28 AM
Rainmaker
3,647,673
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Shares in a corporation versus fee simple title in real estate. One is easy to finance and one not so much! One is easier to sell!

Jan 25, 2017 06:38 AM
Rainmaker
1,412,327
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Heather Zollinger A coop is owned by a corporation where tenants purchase shares in the corporation. A condo is owned fee simple by the purchaser. Should a coop default every tenant in the building is at risk. Should a condo default only the condo owner is at risk.

Jan 25, 2017 06:15 AM
Ambassador
1,615,582
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

that is a great broker question

Jan 25, 2017 05:44 AM
Rainmaker
4,432,941
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Others have answered.

Jan 25, 2017 05:05 AM
Rainmaker
1,918,026
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Available Financing is limited

Jan 25, 2017 05:02 AM
Rainmaker
337,260
Shirley Coomer
Keller Williams Realty Sonoran Living - Phoenix, AZ
Realtor, Keller Williams Realty, Phoenix Az

There be challenges at resale when the new buyer needs to be approved by the Cooperative, where selling a condo does not allow any input from the residences.  I often see higher HOA fees, in part due to many in my area including utilities.

Jan 25, 2017 04:48 AM
Rainmaker
3,066,356
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Margaret Goss nailed this one!

Jan 25, 2017 04:33 AM
Rainmaker
58,657
Beth Bromund
Coldwell Banker Weir Manuel - Rochester, MI
REALTOR (248) 651-3500

I assume you're familiar with condos, but not cooperatives.  Per my Kaplan Real Estate training course:  "In a cooperative, a corporation holds title to the land and the building. The corporation then offers shares of stock to prospective tenants. The price the corporation sets for each apartment becomes the price of the stock. The purchaser becomes a shareholder in the corporation by virtue of stock ownership and receives a proprietary lease to the apartment for the life of the corporation. Because stock is personal property, the cooperative tenant-owners do not own real estate, as is the case with condominiums. Instead, they own an interest in a corporation that has only one asset: the building."  Hope that helps.

Jan 25, 2017 01:44 AM
Rainmaker
4,934,174
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Heather,

What Margaret Goss said.  

Jan 24, 2017 10:12 PM
Rainmaker
1,908,768
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Great answers. 

Jul 08, 2019 08:57 PM
Rainmaker
68,559
Ricardo Mello
Manhattan Miami Real Estate - Manhattan, NY
Manhattan & Miami Real Estate Agent

Hi Heather... we have a guide on our website that explains the difference between condo vs co op.

Jan 17, 2019 06:29 AM
Rainmaker
687,209
Paul Antonelli
Antonelli Realty - Saint Cloud, FL
Broker Owner; Antonelli Realty

like Freds answer

Jan 25, 2017 03:44 AM