What's The Difference between a Condo And a Co - Op?
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There are distinct differences between condos and co-ops. The biggest difference is, buying
a condo, you're buying real property. When you buy a co-op, you're buying shares in a
corporation, and then the shares give you the right to use a particular apartment. Co-ops
are known for having stricter rules, and of course, you must apply to a Co-op board and
get approved in order to move in. Now condos also have board packages that have to be filled
out for the condominium board, but not as strict as co-ops, and you don't often see
someone getting turned down by a condo, the only way you typically can not get through
a condo board is if a condominium exercises what's known as it's "right of first refusal"
and the condo board gets together and buys the apartment instead of allowing the prospective
purchaser to buy it. This is not something that has happened often, but when it does
happen, it's big news.
