What is a primary distinction between co-ops and condominiums?
1) Ownership: In a co-op, residents own shares in the cooperative corporation and have a proprietary lease to their unit. In a condominium, residents own their individual units and a share of the common areas.
2) Management: Co-ops are typically managed by a board of directors elected by the shareholders. Condominiums are managed by a homeowners association.
3) Financing: Co-ops often require higher down payments and have stricter financing requirements compared to condominiums.
4) Resale Restrictions: Co-ops may have restrictions on who can purchase a unit and may require board approval for resale. Condominiums generally have fewer restrictions on resale.