What is a Co-Op in Real Estate?

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All condos and cooperative buildings require the purchaser to complete a purchase application. For condos the application is a formality, but for cooperatives it will be what the board will review to figure out if they want an interview with you. This application for the co-op will be sent to the building’s management office and then handed out to the building’s board of directors. 

What is a co-op?

A “housing cooperative” (or “co-op”) is the legal term for a housing unit that is owned and controlled jointly by a group of individuals who have equal shares, membership, and/or occupancy rights to the housing community.

Don’t be surprised when a different building gives you more paperwork to fill out. Generally you will have to provide contact information, reference letters, and a financial synopsis. 

, on February 27, 2020

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