What is the fundamental difference between a condo and a co-op?

The contract for a condo sale provides for the purchase of a piece of real estate. Whereas the contract for a co-op sale provides for purchase of stock in a corporation and the transfer of a proprietary lease from the seller to the buyer for a specific unit. Additionally, the completion of a co-op transaction is contingent not only on the buyer and the seller, but on the third-party co-op board, whose consent is required to complete the sale.

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