How Do Co-ops and Condos Compare?
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In general terms:
A co-op is a corporation that owns real estate. If you belong to a co-op, you own stock in the corporation and the exclusive right to use a given unit. There is usually an underlying mortgage on the property and your co-op fee includes mortgage payments as well as other costs.
With a condo, you own real estate and you have access to certain common facilities. The condo association is typically responsible for exterior maintenance and you pay a monthly condo fee. You have your own title and mortgage, so mortgage costs are not part of the condo fee.
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