7,863,209
You are selling a share of ownership with a cooperative, not real estate as with a condominium. And, the financing and approval requirements may be an additional challenge.
-
Ricardo Mello
Manhattan, NY
-
Tony and Suzanne Marri...
Scottsdale, AZ
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
John Juarez
Fremont, CA
-
Barbara Todaro
Franklin, MA
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
2,684,569
Coops you do not own any real estate. Condos you own airspace, and maybe common areas.
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
John Juarez
Fremont, CA
-
Roy Kelley
Gaithersburg, MD
-
Nina Hollander, Broker
Charlotte, NC
3,349,404
Debe Maxwell, CRS and Nina Hollander have this one covered.
-
Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
6,418,120
Only one of them is real estate.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Bob Crane
Stevens Point, WI
-
Debe Maxwell, CRS
Charlotte, NC
1,323,044
Not many co-ops in our area. There are plenty of condos.
Co-op: You own stock in the co-op and not real estate.
Condo: You own real estate.
By the way, for a co-op, in addition to paying for the unit, you have to be approved by the co-op board.
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Valeria Mola
Sunny Isles Beach, FL
-
Roy Kelley
Gaithersburg, MD
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
3,988,013
It is the ownership of the building much like a club of sorts. The owners can vote people out and block them from coming in.
-
Valeria Mola
Sunny Isles Beach, FL
-
Roy Kelley
Gaithersburg, MD
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
1,712,776
We don't have co-ops in Oklahoma City.
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Valeria Mola
Sunny Isles Beach, FL
-
Roy Kelley
Gaithersburg, MD
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
5,772,587
Both,
Debe Maxwell, CRS and Nina Hollander covered it brilliantly. A
-
Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
5,583,328
we only have condominiums in our area....not cooperatives....
Roy Kelley gave you the difference...
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Roy Kelley
Gaithersburg, MD
-
Nina Hollander, Broker
Charlotte, NC
2,191,798
What did your Pre-Licensing Instructor say ???
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Valeria Mola
Sunny Isles Beach, FL
-
Roy Kelley
Gaithersburg, MD
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
4,582,184
Different form of ownership.
Study hard.
Take lots of practice tests.
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Valeria Mola
Sunny Isles Beach, FL
-
Roy Kelley
Gaithersburg, MD
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Nina Hollander, Broker
Charlotte, NC
5,254,035
A condo is a fee-simple purchase, where the owner owns the unit (as in any 'normal' residential sale/purchase.
A co-op is purchased/sold as shares in the corporation that owns all the units.
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Valeria Mola
Sunny Isles Beach, FL
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
2,071,025
Again and again.
Roy, thank you, you are the best!
All the time I read questions like that ready to bark.
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Valeria Mola
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
902,038
Legal structures are different
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Valeria Mola
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
3,986,308
Cooperative involves ownership
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Valeria Mola
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
5,112,471
Coops are not real property; they are shares in a building corporation and the corporation has a lot of say about who does or does not buy into the building. Having lived in NYC coops much of my adult life I can tell you it's no easy passing a board.
-
Roy Kelley
Gaithersburg, MD
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Nina Hollander, Broker
Charlotte, NC
766,079
A coperative is governed by the rules of the coop while the condo is privately owned.
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
430,282
Check out Roy Kelley's answer or Debe Maxwell, CRS
-
Debe Maxwell, CRS
Charlotte, NC
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
1,553,330
You own a % share only, not anything tangible, beyond that, never had to sell one nor likely would.
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
1,506,013
Roy's got you.
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
716,529
Yes.
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
5,239,029
Pay attention to the warning offered by Roy Kelley
-
Evelina Tsigelnitskaya
Sunny Isles Beach, FL
-
Roy Kelley
Gaithersburg, MD
1,598,452
All answers are good.
Sale is the sale.
Does not really matter it is a condo or co-op. Sell.
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Valeria Mola
Sunny Isles Beach, FL
3,071,489
4,800,132
It is pretty similar except for the approval process.
-
Valeria Mola
Sunny Isles Beach, FL
3,167,614
board approval and ownership are different in each.
-
Valeria Mola
Sunny Isles Beach, FL
5,877,335
4,319,773
4,434,177
74,695
Hi Daniel, Happy Thursday Take a look at this guide on my website: https://www.manhattanmiami.com/resources/home-buying-guide/co-op-vs-condo
Best,
R
2,565
Selling a condo, is totally different from selling a co-op. Condo's are pretty striaght forward sales. Other than providing HOA and/or Condo Resale Package to the prospective buyer, the condo assoication does not have to give permission/approve for someone to move into there building.
However, with a co-op, the shareholders have to approve anyone moving in, and there several steps that the tenants/prospective shareholder will have to go through.
Please feel free to email me justaskbridgette@gmail.com