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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

One is purchase of real estate

the other is purchase of stock that allows them to lease.

Sep 27, 2016 06:48 AM
Ambassador
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Coops are very rare here. They differe legally. Michael Setunsky has the answer

Sep 27, 2016 05:27 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

abby tiscareno A condo is sold as a fee simple unit. A coop is sold as a share in the corporation that owns the building.

Sep 27, 2016 04:12 AM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Bob Crane already wrote my quick definition of the difference. Read Kenneth J. Jones, SRES, SFR, SCGREA's blog for the in depth version. 

Sep 27, 2016 06:57 AM
Ambassador
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John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

When selling a coop outside of NYC, you hope that the buyer doesn't need financing

Sep 27, 2016 06:21 AM
Rainmaker
846,475
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Selling part is the same, financing and board approvals are what is different.

Sep 27, 2016 06:06 AM
Rainmaker
5,583,178
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

we don't have cooperatives here....

Sep 27, 2016 04:49 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Kenneth J. Jones, SRES, SFR, SCGREA nailed this one!

Sep 27, 2016 08:36 PM
Rainmaker
7,802,399
Roy Kelley
Retired - Gaithersburg, MD

You are selling an ownership share rather than real estate. Mortgage financing does not apply.

Sep 27, 2016 08:03 PM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Kenneth has a great blog on this

Sep 27, 2016 10:43 AM
Rainmaker
1,237,945
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Google it. It has been covered here for years by every Utah student.

Sep 27, 2016 09:32 AM
Rainmaker
1,231,853
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

See Kenneth J. Jones, SRES, SFR, SCGREA post for answer. 

Sep 27, 2016 06:54 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Kenneth has the answer

Sep 27, 2016 05:50 AM
Rainmaker
898,478
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Coop is not owned, only shares are and buyers ALWAYS have to be approved for financial wherewithall; condo's represent more direct ownership. It's a more complicated issue, coops are dangerous. Learn more about it before selling one.

Sep 29, 2016 10:16 AM
Rainmaker
5,197,759
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

You have some great answers here. Go to Kenneth's blog for some details!

Sep 27, 2016 11:54 PM
Rainer
55,673
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

1.Condos are housing units wherein people buy only a specific part of the building along with facilities shared by other tenants.

2.Owners of the units in a condo are given individual property taxes.

3.A coop, (short for housing cooperative), on the other hand, is a kind of dwelling unit wherein shareholders of the housing live under one area with several units.

4.The dwellers don’t really own an estate. Instead, they own a share or shares which gives the owners the right to lease space dependent on their shares.

5.The big difference between a condo and a coop is the kind of ownership. Condo owners actually own the unit which is not the same in a coop.


Finally: Co-op ownership (shares) may only be purchased under the approval of the members of the Co-Op Board,not all that apply are approved. In some cases the Co-op may even have a restriction on the type of mortgage, down payment requirements,etc. With a Condo, this is usually NOT  the case. Many lenders will not do Co-Ops. I do them. They are very popular in New York.
Sep 27, 2016 11:54 PM
Rainmaker
4,558,684
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Although they do exist in our market, they are rare.  The legal definition is the biggest difference along with limited financing options.  

Sep 27, 2016 11:07 PM
Rainmaker
1,617,866
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I have no experience in cooperatives.

Sep 27, 2016 10:58 PM
Rainmaker
5,096,966
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

In a coop you sell shares in a corporation and not real estate, per se. In a coop the board has a right to refuse a buyer's purchase and might require a personal interview as well.

Sep 27, 2016 09:37 PM
Rainmaker
1,157,785
FN LN
Toronto, ON

We use different forms.

Sep 27, 2016 05:14 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

abby tiscareno - more restrictions when you sell co-op as compared to the condo. With a limited experience that I have with co-op.

Sep 27, 2016 04:26 PM
Ambassador
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Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Each time you sell any kind of property it's different.  So the answer is yes!

Sep 27, 2016 02:08 PM
Ambassador
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Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

What Kenneth J. Jones, SRES, SFR, SCGREA said!

Sep 27, 2016 02:01 PM
Ambassador
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

See an Attorney.

Sep 27, 2016 01:34 PM
Rainmaker
2,776,891
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Co-ops have restrictions different than condos like price fixing

Sep 27, 2016 10:31 AM
Rainmaker
1,088,937
Diana Zaccaro Broker Associate
Tropical Beachside - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

Ken Jones has your answer.

 

Sep 27, 2016 10:25 AM