What is a cooperative and how does it differ from a condominium?

In a cooperative, a corporation owns the entire building and residents purchase shares of stock that entitle them to a proprietary lease for a specific unit. In a condominium, each owner holds fee simple title to their individual unit plus an undivided interest in the common areas. Condo owners can sell freely and obtain individual mortgages, while co-op owners must get board approval for sales and typically finance through share loans. Co-op boards have greater control over who can purchase. Property taxes are assessed individually for condos but as one parcel for co-ops.