top of page
Search

Co-op vs. Condo: Which is the Better Choice for YOU?

T

he decision whether to purchase a cooperative (“co-op”) or a condominium (“condo”) unit is a tough choice for some. Each has its pros and cons. When purchasing a condo, your name is on the deed. You own that condominium unit. Condos are similarly legally to standalone “houses,” but there are common areas that condo owners share such as a hallway, entrance, or pool. Something to keep in mind is that there are usually maintenance fees associated with both coops and condos. Also, owners of a condo must pay out of pocket for repairs to their own condo unit.

When purchasing a co-op, you receive not a deed, but rather shares in a cooperative corporation corresponding to your unit. This means you do not own the unit; instead, you are a stockholder in the cooperative corporation. All areas of the co-op building are jointly owned and all owners of stocks have a say in the rules of the co-op building – to a point. A major downside of purchasing shares of a co-op unit is dealing with the co-op board. The board makes most major and minor decisions and may reject a proposed purchaser of your stock shares – for whatever reasons the board decides.

Weighing your purchasing options with an expert real estate attorney is strongly recommended to ensure a successful outcome for your condo or coop sale or purchase.

 
 
 

Comments


This website is for informational purposes only.  Using this site or communication with Zehava Schechter, ESQ through this site does not form an attorney/client relationship.  This site is legal advertising.

 © 2025 THE LAW OFFICE OF W. ZEHAVA SCHECHTER

bottom of page