Here are a few explanations to help you sort out the differences and similarities in ownership of those three types of real estate.
Condominiums - Condos

An individual condo owner holds title to the condominium unit only, not the land beneath the unit, so condos can be stacked on top of each other.


All condo owners share title to common areas. Common areas include land, the exterior of buildings, hallways, roofs, swimming pools -- any area used by multiple owners.


Condominium owners pay property taxes on their individual units.


A property owners' association usually manages the complex and collects fees from all owners in order to maintain common areas.
Townhouses - Townhomes

Townhouses are usually a series of single or multistory units that are linked to each other horizontally by common walls.


Townhouse owners own their units and the land beneath them, so units cannot be stacked on top of each other. As with condos, common areas are owned jointly by all townhouse owners.


Townhouse owners pay property taxes on their individual units.


A property owners' association usually manages the complex and collects fees from all owners in order to maintain common areas.
Cooperatives - Co-ops

In a cooperative, title to all associated real estate is held by a corporation. Buyers purchase stock in the corporation and are considered shareholders, not owners of real property. Each shareholder holds a lease to his apartment that runs for the life of the corporation.


Taxes are paid by the corporation. The mortgage is normally held and paid by the corporation. Those costs plus the costs to operate the building are shared by shareholders.


New shareholders must usually be approved by an administrative board.


Cooperatives are not common in most states of the US.