What’s tje difference between a Boston condo and a Boston co-op?

Let’s start with what is a Boston condo. A Boston condo/condominium with this type of ownership you own the condo unit plus your proportionate share of the common areas in the building which would include such areas as; entrance lobby, hallways, roof an elevator id there is one and a portion  of common expenses.

As a condo owner you will have a deed. A deed is a legal document that proves ownership that you own xyz property.

Know lets look at a co-op. A co-op also known as cooperative. In a cooperative you don’t receive a deed like a condo you are issued a share of stock and a proprietary lease. Why not a deed? Because the ownership of a co-op is very different than that of condo. In a co-op the corporation owns the building. You are a shareholder in the corporation. The shares you receive plus the proprietary lease is your proof of ownership.

The video below explains in more detail: