Did you know there is a difference between a condo and a co-op? Below I list a few elements to take into consideration.
A condo is a privately owned individual unit and it is a grant of ownership in real property. Condo owners jointly own shared common areas such as the hallways, the elevators, garage, etc. At the closing for a condo you will receive a Deed. A deed is a legal instrument that passes title to the new owner.
On the other hand, when you purchase a co-op, you are not buying the apartment, instead you are buying shares in a corporation that is your building. The number of shares allocated to you depends on the size of your apartment. At closing for a co-op the new owner will receive a proprietary lease not a Deed. A proprietary lease, or occupancy agreement, gives the shareholder the right to occupy a particular dwelling unit.
Did you know that roughly 75% of the Manhattan inventory is comprised of Co-ops!
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