Condominium versus Cooperative
 
Condominium = An individual owns his/her living unit (a manor) and an undivided interest in the common elements of the Mutual. The common elements consist of everything except the living units (manor). The Condominium Mutual itself owns no real estate as an association. The Association undertakes the maintenance of the common elements and is generally responsible for the administration of the condominium.
 
 

Cooperative = An individual owns stock or membership in the cooperative and holds a Proprietary Lease for his/her living unit (manor). The Proprietary Lease defines the member or stockholder's rights and obligations in relation to the living unit (manor.) The Cooperative Mutual owns all the real estate as a not-for-profit corporation. The Cooperative Mutual maintains and administers all property in the cooperative, except for thos matters for which the owner is responsible under the Proprietary Lease.


As individual Mutuals may have different rules, a prospective buyer might find it useful to contact Rossmoor Administration (609-655-1000) directly to inquire about coop-regulations in the specific Mutual in which the unit is located.