What is the difference between buying a co-op apartment vs. a condominium?

Answer 1

One basic difference between these two types of real estate ownership may be the availability of lender financing. Generally, co-ops must be purchased with cash, and condominiums qualify for mortgage loans.

Answer 2

Townhouse is a style of building, generally with multiple stories stacked upon each other that represent a residence.

A condominium is a style of real estate ownership whereby multiple owners own individual units and in addition, own a percentage share of the real estate assets that make up the community. Condominium communities can be residential, commercial or a combination of these uses. A slip in a marina can be a condominium.

Answer 3

Hats off to Kluss for his legal definitions above. . . These terms can be interchangeable both as forms of real estate ownership, and in the style of building.

• A duplex is any kind of building with two separate units, and its legal ownership may be as a condominium.
• Condominium is a form of real estate ownership, and may apply to residential buildings, commercial buildings, storage and warehouse buildings, even boat slips. (Antarctica is owned as a condominium.)
• Townhouse may be a style of building with at least two stories, and its legal ownership may be as a townhouse, condominium or single family dwelling.

Answer 4

Townhouse

Generally, a townhouse is one of a row of attached dwellings that share common walls. The term 'town home' is used in some regions. Each 'townhouse' owns the land beneath it and there may or may not be common areas set up by the developer. However, a townhouse is an individually owned attached building and the owner owns the land underneath it. There are lot lines that separate the ground under the buildings even though the buildings are attached. The lots at the ends of those buildings generally contain more land. The exteriors of the buildings are owned by the townhouse owners. The ownership of a townhouse is a fee simple estate.

To confuse the average person who is not experienced with property law, some condominiums are called townhouses. In that case the term refers more to the style of the condominium buildings.

Condominium

Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas. By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, can promulgate rules and regulations and assess monthly maintenance fees, the ownership of a condominium unit is considered a fee simple estate.

• Types of Condominiums:
• Generally, a "Townhouse condominium" is a building style that describe a condominium unit on multi-levels. There are also condos in high-rise buildings, two or three in several separate buildings, patio style and garden style condos. Duplex style single homes have been converted into condominiums with each unit owner owning a 50% interest in the ground under the dwelling. The exterior of the buildings is the responsibility of the Condominium. The different types of condos are only limited by imagination and the laws of the jurisdiction. The primary factor is that you own the unit, have a common interest in the common areas and facilities and own a percentage of the fee simple interest in all the land owned by the condominium.

Duplex

A duplex is a single house which is owned in fee with two units that share a common wall. It can be owner occupied with multiple owners dwelling in the two units, one unit rented to tenants or both units can be rented. The important factor when comparing it to a condominium is that there is a single owner of the property by deed, in fee.

Answer 5

Condominium is a form of real estate ownership. Apartment is a description of a living space that is occupied on a rental basis and is generally located within a building that is occupied by more than one household.

Answer 6

In the United States housing co-ops can be set up in various ways. A purchase in a co-operative does not include land or buildings. Some co-ops are managed by a trust with the trust holding title to the real estate upon which the co-op is built and some co-ops are set up as a corporation with the corporation holding title.

Residents are shareholders who have the right to occupy a specific unit under a contract with cost based on the size of the unit. As shareholders, the shares are considered personal property. A co-op owner is a tenant. Prospective buyers must be approved by a membership committee composed of current co-op owners.

A condominium is a legal arrangement of fee ownership whereby multiple owners share ownership of real property. Condominium units are individually owned in fee and the rest of the property, referred to as common areas, is owned in common with all the unit owners subject to the provisions of the Declaration that created the condominium and the provisions of state law.

Answer 7

Townhouse
The ownership of a townhouse is a fee simple estate. Generally, a townhouse is one of a row of attached dwellings that share common walls. The term 'town home' is used in some regions. A townhouse is an individually owned attached building and the owner owns the land underneath. There are lot lines that separate the ground under the buildings even though the buildings are attached. The lots at the ends of those buildings generally contain more land. The exteriors of the buildings are owned by the townhouse owners. There may or may not be common areas set up by the developer.

To confuse the average person who is not experienced with property law, some condominiums are called townhouses. In that case the term refers to the style of the condominium buildings.


Condominium
Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) and common areas. Each unit owner owns their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property, facilities and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas. By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, the unit owners association can promulgate rules and regulations and assess monthly maintenance fees.

Note the difference is that the owner of a townhouse owns the land beneath their unit in fee. The owner of a condominium owns their unit in fee and a proportionate shared interest in fee in all the other property encompassed by the community except the other privately owned units.

Answer 8

Duplex

A duplex is a single structure which is owned in fee with two units that share a common wall. It can be owner occupied with multiple owners dwelling in the two units, one unit rented to tenants or both units can be rented. The important factor when comparing it to a condominium is that there is a single owner of the property by deed, in fee.

Condominium

Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) and common areas. Each unit owner owns their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property, facilities and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas. By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, the unit owners association can promulgate rules and regulations and assess monthly maintenance fees.

Townhouse

The ownership of a townhouse is a fee simple estate. Generally, a townhouse is one of a row of attached dwellings that share common walls. The term 'town home' is used in some regions. A townhouse is an individually owned attached building and the owner owns the land underneath. There are lot lines that separate the ground under the buildings even though the buildings are attached. The lots at the ends of those buildings generally contain more land. The exteriors of the buildings are owned by the townhouse owners. There may or may not be common areas set up by the developer.

To confuse the average person who is not experienced with property law, some condominiums are called townhouses. In that case the term refers to the style of the condominium buildings.

Answer 9

For one, an apartment is usually smaller than a townhome and holds more people per building. Normally you only have one floor, the top or bottom. A townhouse normally is 2 story and is bigger, almost like a condo.

Answer 10

All are living spaces.

A condominium -- of whatever style -- is owned by the unit owner.

A duplex or a town home could be building styles. Each could be rented or owned.