When I’m working with condo buyers, they very often email me listings from Zillow or Realtor.com, for example, to ask why the particular “condo” seems like such a good deal. Nine times out of ten, I have to clarify that the listing is in fact a co-op—and then reiterate the differences between a co-op and condo.
What’s the 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.
Now let’s look at a co-op. A co-op also is known as a 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 a 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:
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