Co-op
A building owned by a corporation, where buyers purchase shares that give them the right to live in a unit. A co-op board usually must approve buyers, and financing rules differ from condos.
Also called: cooperative, housing cooperative, coop
Related terms
A home where you own your unit and share ownership of common areas like halls, roofs, and grounds. An HOA manages the building, and monthly dues cover shared costs.
The organization that runs a condo, townhouse, or planned community. It collects dues, maintains common areas, and enforces rules that owners must follow.
The part of the purchase price you pay in cash rather than borrow. A larger down payment lowers the loan amount and can remove the need for mortgage insurance on a conventional loan.
An extra charge from an HOA or local government to pay for a big project like a new roof or road. Buyers should ask whether one is planned before closing.