Co-ops, co-ownerships and condos: three different things

In a condominium you own real property: your unit plus a share of the common elements, registered on title. In a co-operative you own shares in a corporation that owns the building, with an occupancy right to a specific unit. In a co-ownership you own an undivided interest in the whole property.

Because co-ops and co-ownerships are not condominium title, conventional mortgage financing is harder, fewer lenders participate, and larger down payments are common. Boards often approve buyers.

The upside is price: comparable space frequently costs less. If you consider one, confirm financing availability first and read the corporation's rules on approvals, subletting and share transfers.