What is the difference between a co-op and a condo?
[TOP] When you own a co-op apartment you own shares in a private corporation unlike a house or condo where you receive a deed. Owners also receive a proprietary lease that outlines the rules, regulations and organization of the co-op. In order to sell or rent your co-op apartment, you need the approval of the co-op board. When you own a condominium apartment you receive a deed and are assigned a block and lot for tax purposes. Real estate taxes are billed twice yearly by the City of New York. The condo board maintains a ‘right of first refusal’ over all sales and rentals. The board may elect to match an existing contract sale price and/or lease and all terms of a transaction. Condos tend to be in newer construction high rises built 1985 and on.
