What are the differences between a condo and a coop for a potential home buyer?

Both a condominium and a co-op represent forms of real estate ownership, generally of an 'apartment'-type unit.

Usually -- and this is especially true in New York City -- when you buy a condominium, you buy a unit and share ownership of all the common areas and limited common areas with all other owners. When you buy a co-op, you buy shares of a real estate co-operative that reflect the owner's equity or occupancy rights you want.


Both are corporations, both have governing boards, and both employ governing documents.


Each is individual, each is different, each is unique, depending on the state where the real estate is located and depending further on the governing documents of the community.