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Rainmaker
1,367,427
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
Rainmaker
2,765,439
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

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

Jan 04, 2017 02:02 PM
Rainmaker
4,875,248
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Michael Setunsky gave you the answer....

Jan 04, 2017 01:22 PM
Rainmaker
823,588
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
2,344,889
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Michael Setunsky has your answer.

Jan 04, 2017 07:37 PM
Ambassador
3,981,962
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

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
1,280,572
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, 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
Rainmaker
3,173,474
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
3,049,971
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Michael Setunsky nailed this one!

Jan 05, 2017 03:50 AM
Ambassador
3,673,447
Patricia Kennedy
RLAH Real Estate - 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
5,269,592
Roy Kelley
Realty Group Referrals - 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
3,977,717
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
4,796,551
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
3,245,976
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 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
2,426,103
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
1,037,744
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
51,313
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
724,785
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
Ambassador
1,613,518
Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

no experience with a cooperative

Jan 05, 2017 06:43 AM
Rainmaker
1,523,082
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

As Ken Jones wrote for the umpteenth time!

Jan 05, 2017 06:40 AM
Rainmaker
4,431,983
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
2,980,548
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill 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
1,157,264
FN LN
Toronto, ON

One difference is that some of the forms are different.

Jan 04, 2017 11:05 PM
Ambassador
3,045,733
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

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

Jan 04, 2017 06:57 PM
Ambassador
3,192,517
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

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

Jan 04, 2017 05:08 PM
Ambassador
4,064,084
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - 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