In New York City — especially in Queens — one of the biggest choices homebuyers face is whether to purchase a condo or a co-op. While they may look similar, the legal differences between the two are significant — and can impact your rights, flexibility, and closing process.

As a Queens real estate attorney, I’ve helped hundreds of clients navigate both types of purchases. Here’s what you need to know.

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🏠 What Is a Co-op?

In a co-op, you do not own the apartment itself. Instead, you own shares in a corporation that owns the building, and those shares entitle you to a proprietary lease for your unit.

• 👤 You are a shareholder, not a deed holder.
• 📝 Board approval is required — and they can reject buyers without giving a reason.
• 📄 Your interest is in a lease and stock certificate, not real property.

🏢 What Is a Condo?

In a condo, you are purchasing real property. You receive a deed that gives you title to your unit and a percentage of the building’s common elements.

• 📜 You get a fee simple title.
• 🏛️ Condo boards can only object via a limited right of first refusal.
• 🔓 More autonomy over your property and easier transfer of ownership.

⚖️ Legal Differences That Matter

Legal Area	Co-op	Condo
Ownership	Shares in corporation	Deeded real estate
Board Approval	Required, can reject without cause	Limited – usually right of first refusal
Financing	Stricter; board may limit loans	More lender-friendly
Transfer Process	Involves board package, interview	Standard real estate transaction
Closing Costs	Lower (no title insurance)	Higher (includes title insurance & tax)
Estate Planning	Restrictions on trusts, LLCs	Easier to pass through entities

💡 Practical Considerations

✔️ Co-ops often cost less upfront, but are harder to rent out or sell.
✔️ Condos offer more flexibility and are ideal for investors or long-term planners.

🧑‍⚖️ How a Real Estate Attorney Helps

Regardless of which option you choose, you’ll need a real estate attorney to:

• 🔍 Review financial statements and offering plans
• ✍️ Negotiate contract terms
• 📂 Prepare board package (co-op) or title review (condo)
• ✅ Ensure a smooth, compliant closing

🗽 Final Thoughts

The condo vs. co-op decision is more than financial — it’s a legal one. If you’re unsure which is right for you, reach out for tailored legal guidance. A strong attorney will protect your investment from day one.

Thinking of buying in Queens?
📞 Contact our office today for expert real estate legal guidance.