Condop

A condop is a type of property that combines the features of a condominium and a cooperative. In a condop, people who own apartments own a share in the corporation that owns the whole building. That means they have to pay a monthly fee to the corporation and they also get to vote on decisions that affect the entire building, such as rules and restrictions, repairs and improvements, and other rules that the building might have. They also get to enjoy the benefits of owning their own apartment, such as being able to decorate it however they like, have their own parking space, and rent it out if they choose to. By owning a share in the corporation, residents also receive a share in the profits that the corporation earns when the building sells.