A first-time buyer in New York City asks their agent about the difference between owning a co-op versus a condo. What is the fundamental ownership difference the agent should explain?
Correct Answer
B) Co-op owners buy shares in a corporation while condo owners buy real property
The fundamental difference is that co-op ownership involves purchasing shares in a cooperative corporation plus receiving a proprietary lease (personal property), while condo ownership involves purchasing real property with a deed to the individual unit.
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