New York City has many cooperative apartment units and perhaps more private houses in terms of people coming to me looking to purchase a new home for themselves in the city.
Although a co-op is viewed often as real state like a private home and it is similar to that, in home ownership there is a crucial difference which is that a co-op is actually a stock ownership. A person buying a co-op apartment owns a certain percentage of stock in the corporation asset which is the housing building.
When you close for a co-op, it will take place at the co-op boards attorney’s office and they are there not to issue a deed but to issue you a stock certificate and a list (like a rental unit). This is called a proprietary list which gives you the absolute right to live in the unit that you are buying.
Check out our Real Estate Education Series for free!