Condos & Co-ops — Shared Ownership

Condominium:

Owner holds fee simple title to their individual unit

Shares ownership of common areas with all other unit owners

Governed by HOA (Homeowners Association)

Owner pays HOA dues/maintenance fees

Owner can sell unit without approval of other owners

Financed with conventional mortgage

Cooperative (Co-op):

Residents own shares in a corporation that owns the building

Share ownership gives right to occupy a specific unit via proprietary lease

Board approval typically required to buy or sublease

Financed with share loan (not traditional mortgage)

More common in New York City

HOA (Homeowners Association):

Governed by CC&Rs (Covenants, Conditions, and Restrictions)

Can impose fines for rule violations

Unpaid HOA dues can result in a lien

Planned Unit Development (PUD): Community of single-family homes sharing common areas. Owners hold title to their lot and home; HOA owns common areas.

Reference:

Wikipedia: Condominium

https://en.wikipedia.org/wiki/Condominium