||Cooperative holds master mortgage; members own a share of the cooperative but do not assume personal liability for mortgage.
||Owners obtain their own mortgage and have personal liability for their mortgage.
||Tenant pays rent; does not own.
||Monthly carrying charges include all maintenance of interior, exterior and grounds, including repair and replacement of appliances and flooring.
||Association fees usually cover external maintenance and grounds; owner responsible for interior upkeep.
||Landlord/management is responsible for maintenance of the property.
||Operated according to the Bylaws and other agreements. Board of directors may hire a management company to oversee the day-to-day operations.
||Owners association may hire a management company to take care of the day-to-day operations.
||Property manager and staff.
||Community/party rooms, social programs, guest rooms, workshop, library, fitness center, gardens, car wash bay.
||Condominiums may have a central community/party room. Townhomes typically do not have common areas.
||Most senior rentals have community rooms with added services.
||Members elect a board of directors from amongst themselves. Each unit/share has one vote. Democratic governance.
||Owners association, also governed by a board of directors elected by the owners.
||Building owner or a management company the owner hires.
||Limited equity appreciation plan – value of membership appreciates at a fixed amount each year. There are also market rate cooperatives.
||Market rate property. Dependent on market conditions at time of purchase and resale.
||Cooperative assists members in the resale of their share. Not a real estate transaction so no realtor commission.
||Owner has responsibility of selling. Usually a 6-7% commission applies, plus closing costs.