๐คทโโ๏ธ What is a co-op? The key difference between a condo and a co-op is the ownership structure. When you buy a condo, you own the unit and a percentage of the common areas. When you buy a co-op, you actually purchase a share of the property, and your lease enables you to live in a unit. ๐งInteresting fact: a co-op building only gets one tax bill and shareholders pay a proportional share of the total bill based on number of shares they own and it is included in their monthly assessment, which explains why co-op assessments appear higher than condos. #chicagocoops #coopliving #chicago #realestate #realtor #broker #atproperties #atpropertieschristies #buyersagent #listingagent #uptownchicago #rogersparkchicago #andersonvillechicago #lakeview #lincolnparkchicago #goldcoastchicago #lovewhereyoulive (at Andersonville, Chicago, Il) https://www.instagram.com/p/CkOrUKGPmvS/?igshid=NGJjMDIxMWI=