Home Buying in New York>Question Details

jennifer, Home Buyer in New York, NY

Why does trulia subdivide the category into condo, apartment, and coop? Apartment = condo plus coop, isn't it?

Asked by jennifer, New York, NY Wed Dec 11, 2013

Help the community by answering this question:

Answers

4
No idea why trulia does that

Truthfully, these terms are often confused by consumers, and agents, as well.

An apartment describes a style - usually describing a multi-unit, multi-level building with individual "apartments".......very often people think of these as rental units, but they can also be bought............as compared to.............
A condo or coop, which are are simply 2 forms of ownership.
0 votes Thank Flag Link Thu Dec 19, 2013
Hi Jennifer,

Like the other agents here mentioned, these real estate products are different from each other which is why Trulia have categories for them. An apartment is the general term of a building that has several units in them, however the ownership could be coop or condo.

The jist is a coop is ownership similar to buying stocks for a long term lease, the building and all it's units are owned by the 'corporation' or 'coop'. For a condo, this is real property which at the end of the day is a deed for your actual apartment unit and 'tenancy in common' for the common areas and the land the buiding is on.

There was an inquiry about this before, please refer to this thread for more information. You can also find my detailed explanation there:
http://www.trulia.com/voices/Home_Buying/Differences_between…

If you want to find out more about coops vs condos or anything related to real estate, please feel free to send me a private email or give me a call.

Best,

Karen Cheung
kcheung@citihabitats.com
917.334.9544
0 votes Thank Flag Link Wed Dec 11, 2013
Condos and coops are distinctly different. An apartment is a very general term and can encompass the above two and also strictly rental buildings that aren't governed by a board. Plus coops aren't that popular across the country, only in certain areas.

Chris
0 votes Thank Flag Link Wed Dec 11, 2013
No Jennifer, these are all separate and distinct. Many people looking to buy an apartment in New York City know the basic trade-offs between a co-op and a condominium: the approval process and building rules are usually stricter with a co-op, but co-ops make up a much bigger percentage of the city’s housing stock, and they tend to be less expensive than condos.
In a co-op, the entire building is owned by a single corporation. Instead of a deed, buyers get shares (stock certificates) in the corporation, and a proprietary lease that allows buyers to occupy a specific unit and lays down the rules and rights much like a lease in a rental building. (In fact, technically speaking, buyers of co-op apartments are referred to as “tenants” or “shareholders,” not “owners.” )
CONDO: Buying a condo is very much like buying a single-family house. You get a deed to the apartment that gives you ownership of the interior of your unit and the surface of its walls, as well as an undivided interest in the building’s common elements. This is the type of ownership almost everyone has in mind when they think about buying a home, and almost all newer buildings are condos.
0 votes Thank Flag Link Wed Dec 11, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer