The Cooperative or Co-op is a close relative to the Condominium in that it is governed by an internal body, however in most cases owners of coops are subject to more regulation. Co-ops are usually corporations and unit owners are shareholders. Co-ops may restrict the transfer of units by owners unlike that of a condominium scheme. In many if not most Cooperatives not only is maintenance expenses a shared item, but also property taxes and utilities typically are common expense. The covenants and rules of the governing body of a Cooperative have a substantial effect on the value of the property. Appraisers unfamiliar with Cooperatives should not be selected to appraise them.

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