Condominium – The type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title.
Cooperative – An apartment building or a group of dwellings owned by a corporation, the stockholders of which are the residents of the dwellings. It is operated for their benefit by their elected board of directors. In a cooperative, the corporation or association owns title to the real estate. A resident purchases stock in the corporation which entitles him to occupy a unit in the building or property owned by the cooperative.
Condop – Real estate agents and brokers often use the term “condop” to refer to co-op buildings that have rules and by-laws similar to that of a condominium. The freedom to sublet, easy board approval, and less stringent rules are characteristics of a condo that have been adopted by a co-op. Closing costs will be similar to that of a co-op (significantly lower than condos) and the buyer will be purchasing shares in a corporation rather than real property.
The legal definition of a Condop is: A building that has been split up to provide both commercial units and residential units. The residential units are controlled by a Co-op corporation and are usually located above the commercial units located on the lower floors. These commercial units are completely separate from the Co-op units and are typically retail spaces, garages or any other commercially oriented businesses.
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