What is the difference between a Condominium, Homeowners Association and Cooperative?
In a condominium association, a person has individual ownership of a unit and ownership of the common (shared) areas based on a percentage assigned to the owner’s unit. In a home or property owner’s association, a person has ownership of the home and the lot it sits on while the association has title to the common (shared) property. In a cooperative corporation, a person owns stock in the corporation while the entire project, including common facilities and all units, is owned by the corporation. By being a shareholder a cooperative member has the right to occupy a unit.
