When Brokers don't understand basic terms
Started by 30yrs_RE_20_in_REO
about 7 years ago
Posts: 9819
Member since: Mar 2009
Discussion about
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I just saw this in the description of a recent listing: "NO BOARD APPROVAL The Marais is a 16-story luxury condop building operating like a condominium allowing unlimited subletting." The building sits on leased land so it cannot be a condominium and therefore not a condop either. It is a co-op with condo rules. This really highlights the general lack of understanding what a condop is. Pure co-ops, condops, and condominiums are forms of ownership. Coops with condo rules describe the ByLaws of the building. The two really don't have anything to do with each other.