usually deping upon the size of the unit or the # of shares for that unit. You do won your individual unit although untill the loan is paid off it will transfer with the property. It is somewhat uncommon here on the Westside but there are several co-ops, one in particular is 201 Ocean Avenue which has a very good reputation and provides a magnificent lifestyle. The co-op loan or underlying loan is in addition to the hoa dues and mortgage if you have on. I have done several transactions in that particular building and can hjelp you if you are interested.Let me know if I can be of help 310-779-6375
Tracey Hennessey http://www.traceyhennessey.com
In a co-op you are buying shares in a corporation and given the proprietory lease to an unit. You do not own real property.
If after reading the answers to your question, you'd like to buy a conventional condo or home, please fee free to contact me and I'd be able to answer any other questions you may have.