The most significant difference between buying a co-op and a condo is the ownership structure, says James Woods, Esq., managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyer, seller, and cooperative and condominium representation.
Condominium buyers acquire ownership by way of a deed transfer, whereas co-op buyers receive shares in a cooperative corporation. The shares are accompanied by a proprietary lease referencing the particular apartment.
“The shares in the cooperative corporation and proprietary lease are inseparable components,” says Lauren Tobin, Esq., a real estate attorney at Woods Lonergan.
About the Author
James Woods, Managing Partner of Woods Lonergan, holds more than 25 years of experience in corporate, real estate, and business legal matters. His expertise in handling negotiations, litigation, jury trials, and all forms of alternative dispute resolution spans multiple areas, including corporate, real estate, and commercial litigation. James actively represents dozens of Cooperative and Condominium Boards and serves as counsel to many Corporate Boards. Prior to founding the firm, James proudly served as an Assistant District Attorney for Nassau County and handled both jury and bench trials. With experience that also covers sophisticated transactions and complex acquisitions, James also serves as counsel to several domestic companies in a range of industries and commercial arenas, including real estate, insurance, banking, transportation, and construction. If you have any questions about this article you can contact attorney James Woods through his biography page.
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