Of Housing Co-Ops and Condo Associations
Friday, January 30th, 2009
The two share a lot of similarities except for the ownership part where in condominium associations, you are part of a group of owners who owns the units per se. In housing co-op’s the cooperative owns the unit and you are merely a renter, when you move, you either have to sell the unit back to the cooperative or to other buyers and pay the cooperative the cost you bought it for and keep the profits should you have gained any. The ownership of a condominium is similar to single unit homes except for the fact that your piece real estate is on a vertical rather than a horizontal plane.
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