real estate

What is a cooperative?

 

What is a cooperative?

The Bankrate.com financial term of the day is: "Cooperative" Or "Co-Op."

A cooperative, or co-op, is a form of home ownership often confused with a condominium. Here's the difference: In a condo, you own your living unit. In a co-op, you don't really own your apartment but instead own shares in the corporation that owns the building. The larger your unit, the more shares you have.

A cooperative, or co-op, is similar to a condo, though there's a slight difference in what the homeowner actually owns.

To shop for the perfect home loan, visit the Mortgage Rates section at Bankrate.com.

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