What does it mean when a building goes co-op?

Question

What does it mean when a building goes co-op?

Answer 1

It means that each person has the ability to purchase their rental property.  Each unit owner is also part owner of the building/common grounds.  It also means you are responsible for all repairs/insurance and up keep of the property.  You should ask for the prospectus from whomever is doing the conversion.  There are a lot of lending laws that will come into effect.  Such as only X% can be investor owned, when the homeowners asso takes over from the conversion company  I would suggest getting a real estate atty to read over everything.