Definitions and Descriptions

Condominiums and cooperatives are similar in many ways, but there are key differences. Both condos and co-ops offer owners exclusive use of a specific unit in the building. However, condo owners actually own their specific unit as well as having a percentage ownership in the common areas. The owners in co-operative buildings own shares in a corporation, which in turn owns the land and the building.

Both condo owners and co-op owners pay monthly pro rata fees to cover operating costs, insurance and reserves for the property. Maintenance fees for co-ops also include the shareholder's individual portion of property taxes.

A recent Seattle Times article highlights co-op ownership, explains some of the details, and quoted me as an expert in co-ops. Housing co-operatives and condominiums are excellent alternatives to owning a single-family home or renting. If you'd like more information, please contact me.

Please read the Consumer's Guide to Buying a Co-op for more information about co-operatives and condominiums.
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See my listings pages for my active and sold condo and co-op listings.