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Is a residential condominium community legally the same as a cooperative apartment community?

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It depends on what you mean by 'legally'.

Each is a legal business, often a non-profit corporation, and in that sense, then each is a legal entity. Each is operated by a board of directors which is elected by the membership -- owners.

Each type and each individual community operates its own private democracy under the guidelines written in the governing documents, which include conditions, covenants, restrictions and regulations (CC&Rs), By-laws and board resolutions plus any recorded amendments.

There are differences between condominiums and co-ops, especially financial differences. As well, definitions of ownership boundaries are different. You can often obtain a mortgage for a condominium, because title to real estate is offered for your unit. In a co-op, you purchase shares in the corporation and are assigned a living space.

Your governing documents will outline what you need to know about your condominium or co-op.
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