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When you buy a co-op, you buy shares in a corporation and are assigned a space. Some lenders are leery of this style of real estate ownership, and will not grant a mortgage for such an option.

A condominium buyer purchases an individual unit, plus ownership in all the real estate assets owned in common with all other owners. These may include the buildings, parking lots, landscape assets, Golf course, pool, club house and whatever other amenities owned by the condominium association. Because clear title can be held to a condominium unit, lenders are more likely to grant a mortgage to purchase one.

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Q: What is difference between co ops and condominimus?
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