Condop

Definition

A Condop is the marketing term given to a Co-op that has rules and by-laws similar to that of a condominium. For example, the freedom to sublet, to put only 10% down at closing, and easy board approval are characteristics of a Condo that have been adopted by a Condop. Closing costs may be similar to that of a Co-op (often significantly lower than a Condo's) and most importantly, you will still be buying shares in a corporation rather than real property as you would be in a Condo purchase.