Many people, particularly those who live outside of New York City, have only a hazy understanding of what a co-op building is.

Sure, they know it's an apartment, but the specifics are frequently hazy at best.

Realiffhas everything you need to know before purchasing a co-op in NYC! So please browse our website in order to find out more!

Co-op is an abbreviation for "cooperative."

When you purchase a co-op apartment, you are purchasing stock in the corporation that owns the building. That may seem strange given that a co-op listing advertises a specific apartment, but the buyer is actually purchasing shares.

You can purchase 100 shares of 123 Main Street Corporation in the same way that you can purchase 100 shares of Apple. This contrasts with condos, where you buy a specific unit, or houses, where you obviously buy the entire house. Condominiums and houses are both considered "real property" under the law. Co-ops, on the other hand, are considered "personal property" because you are purchasing shares rather than real estate.

Don't worry, if you buy a co-op, your co-sharers will not have access to your apartment.

Each owner is allowed to occupy a specific apartment. This is referred to as the apartment's "proprietary lease." Consider the proprietary lease and shares to be a package deal in which you receive shares in the overall building as well as the right to live in the apartment you "purchased." Unless you're specifically looking for condos, you'll almost certainly consider co-ops, as they account for roughly 75% of NYC apartment buildings.