If you check a listing carefully, you might notice that it is one of three property types:
- Fee Simple
Fee Simple means you get a completely undivided interest in the real estate property, such as a home or a town home.
Condo means you own a small piece of a bigger structure - the typical thing you think about when you hear condo.
A "co-op" is different. It looks & feels like a condo, but you're actually buying a "certificate" share of the building. You don't actually own any real estate. Because of this, we don't like co-op's as much as regular condos, because you don't really own the real estate.