Condominiums & Cooperatives
Definitions and Descriptions
Condominiums and cooperatives are similar in many ways, but there are key differences.
Both condos and co-ops offer owners exclusive use of a specific unit in the building. However, condo owners actually own their specific unit as well as having a percentage ownership in the common areas. The owners in co-operative buildings own shares in a corporation, which in turn owns the land and the building.
Both condo owners and co-op owners pay monthly pro rata fees to cover operating costs, insurance and reserves for the property. Maintenance fees for co-ops also include the shareholder's individual portion of property taxes.
A recent Seattle Times article highlights co-op ownership, explains some of the details, and quoted me as an expert in co-ops. Housing co-operatives and condominiums are excellent alternatives to owning a single-family home or renting. If you'd like more information, please contact me.
Please read the Consumer's Guide to Buying a Co-op for more information about co-operatives and condominiums.
See my listings page for some of my condo and co-op listings