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Cake day: August 14th, 2023

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  • For the U.S. at least:

    With condos, there’s a condo association that owns all the common areas. Then the association itself is owned by the owners of the units, and the management is elected by the owners.

    With co-ops, the unit owners directly own the common areas in common, and the management is also elected by the owners.

    Functionally speaking they’re very similar, and co-ops tend to exist in places where this legal structure predates the invention of homeowner associations (basically New York).