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In non-equity cooperatives and in limited equity cooperatives, [2] a shareholder in a co-op does not own real estate, but a share of the legal entity that does own real estate. [3] Co-operative ownership is quite distinct from condominiums where people own individual units and have little say in who moves into the other units. [4]
A condop, a portmanteau of the words condominium and cooperative (or "co-op"), is a co-op inside a condo. [3] Stepping back, condominium owners actually hold title to a piece of real estate. Co-op owners are actually shareholder-tenants with shares in and a long-term lease from the co-op corporation. In all co-ops, a corporation owns the building.
Homeowners insurance vs. condo insurance. Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly ...
Condominium: a form of ownership with individual apartments for everyone, and co-ownership (by percentages) of all of the common areas, such as corridors, hallways, stairways, lobbies, recreation rooms, porches, rooftops, and any outdoor areas of the grounds of the buildings. Townhouses and apartments which are owned in the condominium form of ...
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Condominiums are often leased by their owner as rental apartments. A third alternative, the cooperative apartment building (or "co-op "), acts as a corporation with all of the tenants as shareholders of the building. Tenants in cooperative buildings do not own their apartment, but instead own a proportional number of shares of the entire ...
“Condominiums, on the other hand, are subject to association fees and may have more restrictions on renovations or modifications,” Sanchez explains. “Houses typically provide greater space ...
Cohousing can be considered related to co-living as the concepts appear to overlap. Both co-living and cohousing have shared areas that benefit all, such as spaces for events or communal meals. Cohousing provides self-contained private dwellings (often houses but sometimes apartments), often owned by the resident, but sometimes rented.