Cooperatives and Condominiums

Cooperatives (co-ops) are housing arrangements where residents own shares in a corporation that owns the building, giving them the right to occupy a specific unit. Decisions are made collectively by shareholders. Condominiums (condos), on the other hand, are individual ownership of a specific unit within a building, while shared areas like hallways and amenities are collectively owned by all residents through an association. In short, co-ops involve ownership via shares in a corporation, while condos involve direct ownership of a unit along with shared ownership of common spaces.