What is the difference between a COOP and Condo?
In a cooperative the building containing the residential units or apartments are owned by a ‘cooperative housing corporation.’ In a condominium owns an individual apartment in fee simple. In addition, the buyer owns an undivided interest in the common elements such as the exterior walls, roof, pool and other recreational areas. Regardless of whether you are looking to buy a COOP or Condo they both have monthly fees that are assessed to the individual owners. These fees cover a range of items from cutting the grass to maintaining the building and much more. It varies per building but this information is usually available via the listing document. If none of this makes sense and you have more questions please feel free to ask them in the comments section. Why are COOPs all over the place in SW? To be perfectly honest I don’t know, and I haven’t found an agent that can give me a straight answer on this. What I do know is that COOP was a form of ownership that existed before Condo associat
