6,423,260
One is purchase of real estate
the other is purchase of stock that allows them to lease.
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Nina Hollander, Broker
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Bob Crane
Stevens Point, WI
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Mary Yonkers
Erie, PA
5,062,845
Coops are very rare here. They differe legally. Michael Setunsky has the answer
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Nina Hollander, Broker
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
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Mary Yonkers
Erie, PA
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Michael Setunsky
Woodbridge, VA
1,466,257
abby tiscareno A condo is sold as a fee simple unit. A coop is sold as a share in the corporation that owns the building.
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Nina Hollander, Broker
Charlotte, NC
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Roy Kelley
Gaithersburg, MD
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Bob Crane
Stevens Point, WI
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Mary Yonkers
Erie, PA
634,532
Bob Crane already wrote my quick definition of the difference. Read Kenneth J. Jones, SRES, SFR, SCGREA's blog for the in depth version.
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Nina Hollander, Broker
Charlotte, NC
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Bob Crane
Stevens Point, WI
1,078,351
When selling a coop outside of NYC, you hope that the buyer doesn't need financing
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Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
846,475
Selling part is the same, financing and board approvals are what is different.
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Nina Hollander, Broker
Charlotte, NC
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Mary Yonkers
Erie, PA
5,583,328
we don't have cooperatives here....
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Roy Kelley
Gaithersburg, MD
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Mary Yonkers
Erie, PA
3,071,489
Kenneth J. Jones, SRES, SFR, SCGREA nailed this one!
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Nina Hollander, Broker
Charlotte, NC
7,869,880
You are selling an ownership share rather than real estate. Mortgage financing does not apply.
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Nina Hollander, Broker
Charlotte, NC
3,986,308
Kenneth has a great blog on this
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Nina Hollander, Broker
Charlotte, NC
1,242,204
Google it. It has been covered here for years by every Utah student.
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Nina Hollander, Broker
Charlotte, NC
1,231,853
See Kenneth J. Jones, SRES, SFR, SCGREA post for answer.
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Nina Hollander, Broker
Charlotte, NC
4,434,177
902,238
Coop is not owned, only shares are and buyers ALWAYS have to be approved for financial wherewithall; condo's represent more direct ownership. It's a more complicated issue, coops are dangerous. Learn more about it before selling one.
5,244,229
You have some great answers here. Go to Kenneth's blog for some details!
55,673
1.Condos are housing units wherein people buy only a specific part of the building along with facilities shared by other tenants.
2.Owners of the units in a condo are given individual property taxes.
3.A coop, (short for housing cooperative), on the other hand, is a kind of dwelling unit wherein shareholders of the housing live under one area with several units.
4.The dwellers don’t really own an estate. Instead, they own a share or shares which gives the owners the right to lease space dependent on their shares.
5.The big difference between a condo and a coop is the kind of ownership. Condo owners actually own the unit which is not the same in a coop.
4,583,784
Although they do exist in our market, they are rare. The legal definition is the biggest difference along with limited financing options.
1,617,916
5,115,873
In a coop you sell shares in a corporation and not real estate, per se. In a coop the board has a right to refuse a buyer's purchase and might require a personal interview as well.
4,319,773
abby tiscareno - more restrictions when you sell co-op as compared to the condo. With a limited experience that I have with co-op.
3,743,463
Each time you sell any kind of property it's different. So the answer is yes!
5,257,583
2,684,769
2,785,276
1,093,347