Ever wonder what a co-op is? This article, by an attorney, is all about it.
What is a co-op? There is an important difference between condominiums and co-ops. A unit owner in a condominium owns the condo unit itself, together with certain rights to use common areas. The owner pays property taxes on the condo unit, and usually finances the purchase of the unit with a mortgage secured by the unit.
In contrast, a co-op is a corporation formed to own multi-family residential property. A co-op member does not own his or her unit.
Complete article: A comparison of condominiums and co-operative housing – by Thomas V. Bennett, Esq.