What is the main distinction between a condo and a co-op?

The primary distinction between a condominium (condo) and a cooperative (co-op) lies in the form of ownership. In a condominium, individuals own their specific unit outright, along with a share of the common areas and amenities of the property. This ownership structure offers more personal control over the property, as each owner can typically buy, sell, or modify their unit according to the regulations set forth by the condo association.

In contrast, a cooperative operates under a different model where individuals do not own their units outright. Instead, they own shares in a corporation that owns the entire property, which grants them the right to occupy a specific unit. This collective ownership means decisions regarding the property are made collectively by shareholders, affecting not just the individual residing in the unit but also the entire co-op community.

While factors such as the number of units, management style, and location may differ between specific condos and co-ops, they do not define the fundamental difference between these two types of living arrangements. The central element that distinguishes them is indeed the nature of ownership.