A condo is â€œreal property.â€ Each unit owner owns an individual apartment in perpetuity and owns an undivided interest in the common elements of the building including the exterior walls, the roof, and lobby. Ownership of a condo is more like a house and the owner will have a deed as evidence of that ownership.
Condos are governed by a condominium association and coops have a board of directors (the â€œcoop boardâ€). Although many condo associations claim the right to either approve or disapprove the transfer of ownership, they generally have little power over the individual unit owner.
This is just some basic information. Before you purchase a condo, you should check if there are restrictions on subletting and/or other policies. Usually, you have much more possiblities and less restrictions buying a condo.
But, as a real estate agent, you probably know all this because these are the basics we learn while studying for our license and they will be repeated every two year during our continuing education.