Free reference · Buildings before listings

Co-op, condo & condop terms

Listings borrow words as if they were universal. They are not. This chart is where each term usually belongs — and where a condop splits the difference.

Decision Brief Condo vs co-op

Yes — typical Portion — condop hybrid Sometimes Rare / other word

Term	Co-op	Condo	Condop	What it means in practice
Alteration agreementPermission terms for renovating a unit.	Yes	Sometimes	Co-op portion	Co-op boards typically must approve work. Condos often have alteration rules too — quieter than a board interview, not “anything goes.”
Board packageApplication a co-op board reviews.	Yes	No	Co-op portion	Used to buy (and often to sublet) a co-op. Condos may have a right of first refusal — that is not a co-op board package.
BylawsGoverning rules of the association or corporation.	Yes	Yes	Yes	Both forms have governing documents. Condo language leans “declaration + bylaws.” Co-ops have corporate bylaws plus a proprietary lease.
Common elementsShared parts of the building.	Yes	Yes	Yes	Lobbies, roof, mechanicals, land. You live with them either way. In a condo they are named on the deed as an undivided interest.
CondominiumDeed to a unit plus a share of common elements.	—	Yes	Condo portion	Fee-simple unit ownership. Monthly bill is usually called common charges, not maintenance.
CondopHybrid: both forms in one building.	—	—	Yes	Often residential co-op shares plus a condo slice (frequently commercial). Read the offering plan. Do not assume it means a land lease.
CooperativeShares in a corporation + proprietary lease.	Yes	—	Co-op portion	You do not get a deed to the apartment in the usual sense. Occupancy is the lease; the corporation owns the real estate.
CC&RsCovenants, conditions, and restrictions.	Rare wording	Yes	Condo portion	HOA / condo language for recorded restrictions. Co-ops usually say lease, bylaws, and house rules instead.
House rulesDay-to-day living rules.	Yes	Often, quieter	Co-op portion	Noise, garbage, renovations, pets. Central in co-ops. Condos still have rules — they just bite differently.
Letter of intentNon-binding outline before a contract.	Sometimes	Sometimes	Sometimes	More common in commercial deals. NYC apartments usually go to a contract. If you see an LOI, treat it as not a deal.
MaintenanceShareholder’s monthly payment to the co-op.	Yes	Common charges	Co-op portion	Maintenance often includes a share of the building’s own mortgage. Condo common charges usually do not replace your unit mortgage.
Offering plan / statementSponsor disclosure for a new or converted building.	Yes	Yes	Yes	In New York, read the offering plan (and amendments) before treating a brochure as truth — co-op, condo, or condop.

Takeaway. Co-ops: shares, lease, board. Condos: deed, association. Condops: both in one building — ask which portion you are actually buying.