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What is a Co-op?

A cooperative or co-op as it is commonly known is very similar to a condo. It is difficult to judge from appearances whether a property is a condo or co-op.

When you reside in co-op, you generally own shares in the property and the number of shares you own is based on the unit you live in.

A co-op is managed by a board. The board decides who lives there. Board approval is a prerequisite to living in a unit.

Rules also apply to this type of residence. It is important to check the rules before applying for an approval with the board to buy shares and live in the property. A common rule in co-ops is that you may not be allowed to sublet.

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