The Difference between a Co-op and a Condo in Virginia Beach VA

By
Real Estate Broker/Owner with Keller Williams Realty

You can’t tell the difference of a condo or a co-op just by looking at the building, and many people make the mistake of thinking there is little difference between the two; however, if you are thinking of buying either a condo or a co-op, know the differences before you make an offer to purchase. Even the small differences can impact how you live, but the biggest difference is that only condominiums are truly real property, as co-ops are part of a corporation

Here is a breakdown of the important differences and things to know about condos and co-ops.

Co-ops

  • A building owned by a corporation and comprised of tenant shareholders.

  • Each tenant shareholder owns a number of shares in the corporation.

  • The tenant shareholder has the right to occupy his share of the corporation.

  • All shareholders have a proprietary lease.

  • All shareholders are subject to rules and regulations set forth by the by-laws of the corporation.

  • Monthly maintenance fees include real estate tax, building upkeep, and management fees.

Condominiums

  • Condos are classified as real property. Owners have deeds, just like with single family homes.

  • As an owner, you can rent your unit (based on individual condo rules and regulations).

  • All owners and renters are subject to condo rules and regulations as set for the by the board.

 

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