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TheSausageKing t1_ja645u8 wrote

The city has some good information about them here:

https://www.cambridgema.gov/CDD/housing/forhomebuyers/coops

Fundamentally, the difference is that if you buy a condo, you're buying a specific unit and it's yours. With a co-op, you don't technically own your unit; you own a % of the co-op which owns the building and you also have the right to live in the unit. This gives the co-op board more control.

One reason why they're not very popular in Massachusetts is that they can be harder to get mortgages for. It also can be harder to sell your unit because the co-op board often has to approve any buyer before the sale goes through.

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Ioseb_Hates_Money OP t1_ja68y8x wrote

Gotcha and thank you! Can any property be made into a coop?

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TheSausageKing t1_ja6eps8 wrote

Yes, though for a condo building you would need all of the units to vote go co-op as you're basically tearing up the existing deed and creating a new one.

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