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Rainmaker
7,296,474
Roy Kelley
Retired - Gaithersburg, MD

You are selling a share of ownership with a cooperative, not real estate as with a condominium. And, the financing and approval requirements may be an additional challenge.

Aug 08, 2018 12:21 PM
Ambassador
2,630,662
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Coops you do not own any real estate.  Condos you own airspace, and maybe common areas.

Aug 08, 2018 01:44 PM
Ambassador
3,207,042
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Debe Maxwell, CRS and Nina Hollander have this one covered. 

Aug 08, 2018 12:18 PM
Ambassador
5,957,261
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Only one of them is real estate.

Aug 08, 2018 05:09 PM
Rainmaker
1,116,648
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Not many co-ops in our area. There are plenty of condos.

Co-op: You own stock in the co-op and not real estate.

Condo: You own real estate.

By the way, for a co-op, in addition to paying for the unit, you have to be approved by the co-op board.

 

Aug 08, 2018 04:39 PM
Ambassador
3,987,776
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It is the ownership of the building much like a club of sorts. The owners can vote people out and block them from coming in.

Aug 08, 2018 04:38 PM
Rainmaker
1,709,215
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

We don't have co-ops in Oklahoma City.

Aug 08, 2018 02:40 PM
Rainmaker
5,770,641
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Both,

Debe Maxwell, CRS and Nina Hollander covered it brilliantly.  A

Aug 08, 2018 02:38 PM
Rainmaker
5,581,880
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

we only have condominiums in our area....not cooperatives....

Roy Kelley gave you the difference...

Aug 08, 2018 02:10 PM
Rainmaker
2,097,458
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

What did your Pre-Licensing Instructor say ???

Aug 08, 2018 01:17 PM
Rainmaker
4,388,828
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Different form of ownership. 

Study hard.

Take lots of practice tests.

 

 

 

Aug 08, 2018 01:01 PM
Ambassador
4,750,639
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

A condo is a fee-simple purchase, where the owner owns the unit (as in any 'normal' residential sale/purchase.

A co-op is purchased/sold as shares in the corporation that owns all the units. 

Aug 08, 2018 11:03 AM
Rainmaker
2,069,897
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Again and again. 

Roy, thank you, you are the best! 

All the time I read questions like that ready to bark. 

Aug 08, 2018 09:27 PM
Rainmaker
867,232
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Legal structures are different

Aug 08, 2018 07:30 PM
Rainmaker
3,986,056
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Cooperative involves ownership

Aug 08, 2018 06:33 PM
Rainmaker
4,720,194
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Coops are not real property; they are shares in a building corporation and the corporation has a lot of say about who does or does not buy into the building. Having lived in NYC coops much of my adult life I can tell you it's no easy passing a board.

Aug 08, 2018 11:32 AM
Rainmaker
723,726
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

A coperative is governed by the rules of the coop while the condo is privately owned.

Aug 08, 2018 07:21 PM
Rainer
378,576
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

Check out Roy Kelley's answer or Debe Maxwell, CRS 

Aug 08, 2018 07:10 PM
Rainmaker
1,407,893
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

You own a % share only,  not anything tangible, beyond that, never had to sell one nor likely would.

Aug 08, 2018 05:32 PM
Rainmaker
1,455,757
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Roy's got you.

Aug 08, 2018 05:15 PM
Rainmaker
713,039
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Yes.

Aug 08, 2018 05:07 PM
Rainmaker
4,778,974
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Pay attention to the warning offered by Roy Kelley 

Aug 08, 2018 03:21 PM
Rainmaker
1,598,280
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

All answers are good. 

Sale is the sale. 

Does not really matter it is a condo or co-op. Sell.

Aug 09, 2018 11:55 AM
Rainmaker
3,071,039
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Roy Kelley nailed this one!

Aug 09, 2018 08:42 AM
Rainmaker
4,799,925
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It is pretty similar except for the approval process.

Aug 09, 2018 06:52 AM
Ambassador
3,113,112
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

board approval and ownership are different in each.

Aug 08, 2018 09:53 PM
Rainmaker
5,543,670
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Have no idea, we don't have cooperatives in Denver.

Aug 12, 2018 07:01 AM
Ambassador
4,318,402
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Daniel Lloyd - different guidelines.

Aug 10, 2018 10:43 PM
Rainmaker
4,433,865
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

There are some good posts on active rain.

Aug 09, 2018 01:16 PM
Rainmaker
73,729
Ricardo Mello
Manhattan Miami Real Estate - Manhattan, NY
Manhattan & Miami Real Estate Agent

Hi Daniel, Happy Thursday   Take a look at this guide on my website: https://www.manhattanmiami.com/resources/home-buying-guide/co-op-vs-condo

Best,

 

R

Aug 09, 2018 10:21 AM
Rainer
2,565
Bridgette Bradshaw
Century 21 TREC - Gaithersburg, MD
Real Estate Agent serving DC, MD and VA

Selling a condo, is totally different from selling a co-op.  Condo's are pretty striaght forward sales.  Other than providing HOA and/or Condo Resale Package to the prospective buyer, the condo assoication does not have to give permission/approve for someone to move into there building.

However, with a co-op, the shareholders have to approve anyone moving in, and there several steps that the tenants/prospective shareholder will have to go through. 

Please feel free to email me justaskbridgette@gmail.com

Aug 09, 2018 12:37 AM