All of the information in the previous answers are true.
When purchasing a Co-op you are purchasing shares/stocks in the building, a proportionate interest. You will not receive a Deed but will receive a shares certificate, per se. Typically the monthly fees are higher and they include the real estate taxes for the unit. I currently have a co-op on the market in PA and have sold two others. This particular type of real estate is more prominent in New York and some other states so financing could also be a bit of a challenge. Most mortgage companies will shy away from giving a loan on co-ops or will charge extra high rates. You may do better going to a bank or savings and loan in the community where the co-op is located.
I hope this information helps.... more