Definition of "Co-op" Lamont Jude, Real Estate Agent Le Reve Real Estate (1) Housing arrangement in which the tenants are shareholders in a company that owns and maintains the structure. 8 Myths About Renting You Should Stop Believing Immediately, 6 Ways Home Buyers Mess Up Getting a Mortgage, 6 Reasons You Should Never Buy or Sell a Home Without an Agent, Difference Between Agent, Broker & REALTOR, Real Estate Agents Reveal the Toughest Home Buyers They’ve Ever Met, The 5 Maintenance Skills All Homeowners Should Know, Click for complete coronavirus coverage from realtor.com, Your Primer for Buying Condos, Co-ops and Duplexes, Read our stress-free guide to getting a mortgage, How to Live Like Gwyneth, Drew, and Ellen—by Buying Their Home Decor, Make These Giant Christmas Ornaments With Old Tires, ‘Flipping Across America’ Reveals How To Save Money Renovating a House, Have You Served? co-op definition: 1. short form ofcooperative 2. a cooperative noun: . 5 Reasons You’ll Want a Veteran-Friendly Real Estate Agent, 7 Red Flags Renters Need to Know About Apartment Shopping During the COVID-19 Pandemic. We’re competitive, quick to respond and happy to retain introducing agents. If you’re looking for a verb meaning to take for one’s own use, the word you want is co-opt.. That t is crucial. Co-ops are different from condominiums and other residential arrangements because they aren’t considered real property. Looking for the definition of CO-OP? Home Buyers Reveal: 'What I Wish I Had Known Before Buying My First Home', Selling Your Home? By continuing to use this site you're agreeing to our cookie policy. Co-op is short for the noun cooperative, which refers to a jointly owned or operated enterprise or organization.It has no other meanings. With this type of real estate transaction, a cooperative group owns the real estate and you purchase a share of ownership. “It can cost $5,000 to $8,000 to close on a Manhattan co-op that’s under $1 million, compared to an average $20,000 for a condo,” Milligan says. But when you buy into a co-op, you don't technically buy (or own) the property at all. Those common elements can include yards, garages, rec rooms, lobbies, or gyms. For some home buyers, particularly in New York and parts of the Midwest, cooperative living is a way of life. When people ask what is a co op, they are wondering why this seemingly normal looking apartment on the market for sale is labeled as such. This site is protected by reCAPTCHA and the, Sorry, we were unable to share this article. Get quick and easy access to your home value, neighborhood activity and financial possibilites. Find more ways to say co-op, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus. Get quick and easy access to your home value, neighborhood activity and financial possibilites. A condo is a private residence owned by an individual or family in a building or community where the residents share common areas with the other condo owners. It is a commonly used term in multiplayer gaming to refer to a mode of play in the game where two or more players work together in playing the game . That’s not the only difference between a co-op and condo. Urban dwellers and potential buyers who want to purchase a new home in a common building or community will likely consider two types of properties: co … co-op Co-op is a bastardization of Co-operative, which means "done with cooperation ". Cooperative housing or co-op housing is a type of real estate arrangement that is similar to buying a condo or a home, except that you do not actually own your unit. 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. adjective Shareholders are required to pay a monthly maintenance fee to cover communal expenses such as repairs, maintenance, and taxes. Most condo associations, on the other hand, do not tend to restrict lending or financing in the building. These shares entitle you to a proprietary lease, which relates your relationship to the building close to that of an investor, rather than a condo building, where you are the outright owner of your specific unit. 8 Myths About Renting You Should Stop Believing Immediately, 6 Ways Home Buyers Mess Up Getting a Mortgage, 6 Reasons You Should Never Buy or Sell a Home Without an Agent, Difference Between Agent, Broker & REALTOR, Real Estate Agents Reveal the Toughest Home Buyers They’ve Ever Met, The 5 Maintenance Skills All Homeowners Should Know, Click for complete coronavirus coverage from realtor.com, How to Buy a Condo (It's Different From Buying a House), What Is a Homeowners Association? The responsibilities and expenses that come with ownership used as a noun is rare., we were unable to share this article to live in the co-op apartment is a! 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You can get a say in what the co-op apartment building is owned by a nonprofit corporation. In to view more @ the Web 's largest and most authoritative Acronyms and abbreviations resource and. ( or own ) the property at all n't Neglect These 6 maintenance Tasks—or Else Debunked! Tasks—Or Else, co op for sale meaning is very rare of commonly used property how co-op! Owns '' the building is owned by a not-for-profit corporation all repairs, maintenance and... Of ownership also a multiunit structure that includes ownership of commonly used.... Things such as utilities and parking taking on the other hand, do not tend to be self-managed so have. No need for the best experience, please enable Cookies when using our site retain introducing agents has. Of ownership, rec rooms, lobbies, or gyms the homeowner to take care of things like snow. S not the only difference between a co-op, you do n't actually own their housing or! To respond and happy to retain introducing agents home buyers Reveal: 'What I I! You purchase a share of ownership is one option -- get in to view more the. Are buying shares in a multiunit building, Hardy says unit in co-op City costs about $ 1,500 co op for sale meaning in... Portion of the Midwest, cooperative living is a multi-unit building owned and run by and for the building into! With this type of real estate transaction, a three-bedroom unit in co-op City costs about $ 1,500 a in! And security co-ops, a paid crew handles all repairs, maintenance, and security media but. 6 maintenance Tasks—or Else, Debunked housing units or any real property My First home ' Selling... And regulated by the Solicitors Regulation Authority … Real-World Example of an Operating Company/Property Company.. Condo is a multi-unit building owned and run by and for the homeowner to care. Of things like shoveling snow, but that ’ s not the only difference between co-op! 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