It has been many months since you posted your question, and yet there are no answers. Please allow me to chime in here:
In searching for an apartment, you might find some described as â€œcondosâ€ or â€œcondominiumsâ€ and others as â€œcoopsâ€ or â€œcooperatives.â€ While it is true that many (but not all) Chicago coop apartments are located in classically designed pre-War buildings, the term â€œcoopâ€ does not describe the style of the building but rather the ownership terms of the apartments.
With a condominium (or condo), you are buying a physical apartment (as defined by a legal description) as well as a share in the common elements of the building. A condo association, led by a board of directors, manages the buildingâ€™s exterior and common elements, including landscaping, while the unit owners maintain the interiors of their individual apartments.
When you purchase in a cooperative (or coop), you are technically not buying real estate. Instead, you are purchasing shares of stock in a legal entity (usually a corporation) that owns real estate. Your shares of stock entitle you to occupy a specific apartment, as defined in the Proprietary Lease you receive with your stock certificate. So in the end, you have the same thing (a place to live), but how you achieve this is a bit different.
There are many more differences between coops and condos. To learn more about this subject, I encourage you clink on the link below and read an article I recently published in my blog.
All the best,
In California, coop means a buyer when he or she buys a unit in a coop, which means owns by sort of a corporation.
The buyer do not own the unit......................I think this is what it is.
Buyers will own shares of the corp...............................buyers gets a sort of certificate as part of the corp and not a title to the individual unit property.
Are you located in Los Angeles CA or Roswell NM.
2306 & 2308 S Union Ave is in Roswell New Mexico.
Are you working with an agent?
If not, when you need more help here in Los Angeles,CA ..please do not hesitate to give me a call or send an email.
Then there is buying a coop,or buying into a coop, which is a little different than buying a condo, or townhomes, not found much here in rural New Mexico but is in larger cities .