What Is Co-op?
In a housing cooperative, residents don't own their individual unit outright — instead they own shares in a corporation that owns the entire building, with their shares granting a proprietary lease to occupy a specific unit.
Why it matters
Co-op purchases typically require board approval and often carry more restrictions on financing, subletting, and renovations than condo ownership.
More Owning Terms
This definition is provided for general educational purposes and is not financial, legal, tax, or real estate advice. Verify important decisions with appropriately qualified professionals.
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