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What is a 'cooperative' property type?

Condos seem to be classified this way sometimes?  What are the pros and cons, traps etc.,please?
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July 30 2012 - New York
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Also if you need financing you need to locate a lender that will do a mortgage on a co-op.
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August 01 2012
A co-op is buying shairs in a corporation.  Like buying stock.  Just like buying stock in lets say GOOGLE.  You but the stock (co-op) you own it, you own the right to live in that property. When it comes time to sell - you can sell it.  Every area - every co-op is different ALSO every condo is different - so be sure to ask your broker to explain what ever ones your looking at
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July 31 2012
 
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