Hi Maxine, think of a coop as buying stock in a corporation. Say if there are 100 units, you will be buying 1 share in the corporation. Getting a loan is more difficult and there might be a revue process before they allow you to buy.

Hello Maxine - I see you are interest specifically in Laguna Woods. Laguna Woods Village (formerly Leisure World) offers both types of home ownership you are inquiring about. Coops and Condos are interspersed throughout the community and there is no visible difference. Each type of property carries a monthly assessment that covers exterior maintenance, landscape maintenance, ammenities such as riding and walking trails, etc. The difference is in the form of ownership.

Let's talk about Cooperative Stock Ownership or Coop first. Ownership in a coop is acquired through purchase of one share of stock in a particular building. The property taxes are not builded to individual residences, but rather to the building. Each member of the coop pays their pro-rata share of property taxes through monthly assessment. The monthly assessment also includes son=me interior maintainance and appliance replacement. Coops may be rented but only for 6 of any 12 month period. All tenants must apply and be approved by the Golden Rain Foundation.

Condominium ownership is evidenced by title to the property. There is a title insurance policy guaranteeing clear title to the property with no outstanding debt, taxes or encumbrances. Title is for a divided portion of the entire building in which the condo is located. The monthly fees do not cover any interior maintenance and repairs and appliances are the responsibility of the owner of the condo. Condos may be rented for any time period deemed appropriate by the owner. All tenants must apply and be approved by the Golden Rain Foundation.

I hope this answers your question. This is such an exceptional community and there is so much more to learn about the guarded gates, two golf courses, 7 community centers, over 200 clubs, Disaster Preparedness Task Force, trips, dances, theatrical performances and free bus service.

In addition, the City of Laguna Woods offers many exceptional ammenities such as subsidized low-cost taxi service to South Coast Plaza, The Performing Arts Center and other intersting destination.

Do I sound like a fan? Absolutely! I am currently proudly serving as the Presidnet of the Laguna Hills/Laguna Woods Chamber of Commerce.

Maxine, thanks for asking your question and giving me the opportunity to brag a bit about the community that won the distinction of being named the Number One Retirement Community for a second year in a row.

Maxine, I'm guessing you're looking into living in a active senior community. The answers you've recieved so far are great. There are other communities you might want to consider. I have past clients who bought a townhome in Sun City for the same as the coop in Laguna. If youi'd like I can get you in contact with my past clients and they can tell you how much they like it. Just email me Maxine.

In a coop you own shares in a corporation that controls and manages the property. You do not own Real Estate. Financing is sometimes more difficult to find as many traditional lenders do not finance coop's.

Simply put, if a person is part of a co-op, they do not own the actual real estate, they own shares in a corporation that owns the real estate that their residence is in. With a condo situation, the person owns the inside of the residence and also an undivided interest in the greenbelts, pools etc.