1,466,257
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.
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Laura Whitesell
East Layton, UT
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brian clyne
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Quinn Eliason
Orem, UT
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Tony and Suzanne Marri...
Scottsdale, AZ
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Carol Williams
Wenatchee, WA
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Barbara Todaro
Franklin, MA
2,187,462
As an agent, the selling process isn't all that different. It is all in the form of ownership for the buyer.
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Laura Whitesell
East Layton, UT
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
3,349,229
No one likely can say it better than Ken Jones and Michael Setunsky
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Michael Setunsky
Woodbridge, VA
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
5,583,328
Michael Setunsky gave you the answer....
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Michael Setunsky
Woodbridge, VA
991,152
We don't have co-ops here however, Michael Setunsky and Ken Jones both have very good descriptions of the difference
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Jennifer Mackay
Panama City, FL
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Michael Setunsky
Woodbridge, VA
2,684,569
Michael Setunsky has your answer.
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Michael Setunsky
Woodbridge, VA
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Nina Hollander, Broker
Charlotte, NC
3,988,013
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.
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
5,237,947
Michael Setunsky provided the short version very well!
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Michael Setunsky
Woodbridge, VA
3,071,489
3,741,214
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.
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Nina Hollander, Broker
Charlotte, NC
7,862,331
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.
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Nina Hollander, Broker
Charlotte, NC
3,986,308
Ken did a great job in the explanation
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Nina Hollander, Broker
Charlotte, NC
4,800,132
The difference is in the approval process for the buyer.
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Nina Hollander, Broker
Charlotte, NC
4,581,818
In our area, the difference in selling is in the financing available. When it comes to owning, there are legal differences.
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Nina Hollander, Broker
Charlotte, NC
2,784,416
There a few things to say about both...too many to thumbnail
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Michael Jacobs
Pasadena, CA
1,045,440
Coops owners receive shares rather than a a title.. there are other differences as well and most seem to have been covered already.
55,673
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
902,038
1,617,916
1,728,056
4,434,177
5,111,821
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.
1,157,791
4,272,934
5,253,385
Ken Jones has a good link for you - definitely a difference you'll need to fully understand!
6,416,169
One is a Stock purchase and a lease, the other is a Real Estate purchase.