Co-op vs condo in Florida: what you actually own, how financing differs, and what to check before you buy in Hallandale Beach, Hollywood or Aventura

October 31, 2026 · Zach Curtis, REALTOR®, Realty Hub

Short answer: with a condo you get a deed to your unit plus a share of the common elements. With a co-op you get shares or a membership in the corporation that owns the building, plus a lease to your unit. That difference changes how you finance, what the association can approve, and which programs you can use, so confirm which one a listing is before you write an offer.

What you own: the legal difference

Those definitions come straight from Florida law: section 718.103 for condominiums and section 719.103 for cooperatives. Florida's co-op statute still treats an interest in a co-op unit as an interest in real property, but the way you hold it is different, and lenders treat it differently.

Financing a co-op is narrower

• Conventional: Fannie Mae buys co-op share loans only from lenders specially approved to sell them, only for a principal residence or second home (investment properties are prohibited), and only where the project qualifies as a cooperative housing corporation under Section 216 of the Internal Revenue Code (Fannie Mae B4-2.3-04, B4-2.3-02).
• FHA: FHA insures co-op unit loans under Section 203(n), and the federal rule requires the co-op development to be covered by a blanket mortgage insured under the National Housing Act (24 CFR 203.43c). Ask your lender early whether a specific co-op can work.
• Down payment help: Broward County's purchase assistance programs list cooperatives and mobile homes as ineligible; condos can qualify. See down payment assistance in Broward County.
• Cash: If a lender can't finance a building, your offer may need to be cash. Get a written answer from a lender before you rely on financing.

For a condo, check the building against your loan type instead; see how to check if a condo is FHA-approved.

Association approval and fees

• Co-op transfer fee: Florida caps a co-op's fee for approving a sale, lease or other transfer at $100 per applicant, with spouses and a parent with a dependent child counting as one applicant (section 719.106(1)(i)). Florida's business regulation department notes that this co-op amount isn't adjusted for inflation (DBPR fee notice).
• Condo transfer fee: The condo cap is adjusted, so it's higher; see can a condo association deny a buyer.
• Estoppel certificate: The same DBPR notice applies the estoppel fee caps to condominiums, cooperatives and homeowners' associations. See what an estoppel certificate tells a buyer.
• Read the documents: Approval rules, leasing limits and pet rules live in the co-op documents, meaning the articles, bylaws and any underlying lease. Read them before your inspection period ends.

Building inspections and reserves apply to both

Florida's milestone inspection law covers condominium and cooperative buildings (section 553.899), and the co-op statute has its own structural integrity reserve rules. Ask for the milestone inspection report, the reserve study and any planned special assessments, whichever type you buy. Our milestone inspection and SIRS guide and special assessment guide cover what to request.

Homestead and property taxes

Florida's homestead statute covers people who hold legal title or beneficial title in equity, and it names apartments occupied by a tenant-stockholder or member of a cooperative corporation (section 196.031). How a co-op's property taxes are billed and passed through to owners can differ from a condo, so ask the association and the property appraiser before you close. Our homestead exemption guide covers filing.

Questions to ask before you make an offer

1. Is this a condo or a co-op? Ask for the recorded declaration or the co-op documents.
2. Which lenders finance units here, and on which loan types?
3. What does the association require for approval, how long does it take, and what's the fee?
4. What do the monthly payments cover, and is there an underlying mortgage on the building?
5. What do the latest milestone inspection, reserve study and budget show?

Browse Hallandale Beach condos, Hollywood condos or Aventura condos, and check each listing's ownership type. When you're ready, start at Ready to buy.

Zach Curtis, Realtor, Realty Hub, license SL3664129. General information, not legal, tax, insurance or lending advice. Ask a Florida real estate attorney to review co-op documents.

Published October 31, 2026 by Zach Curtis, REALTOR®, Realty Hub, license SL3664129. General information for South Florida, not legal, tax, insurance or lending advice. Laws, programs and prices change; check the official sources above, and ask a Florida attorney, CPA, insurance agent or lender about your situation. Listing numbers are asking prices and rents from BeachesMLS on the date shown. Equal Housing Opportunity. Zach Curtis and Realty Hub follow federal, Florida and Broward County fair housing law. Every listing is open to everyone. We never steer anyone by race, color, religion, sex, national origin, disability, familial status, age, sexual orientation, gender identity, or any other protected class.