[Big Ed]

In a condo, there is a master deed which describes the project and all the common areas. When you buy a unit, you buy a unit deed granting you specific ownership of your unit and a % interest in the shared common areas.

In a coop, all the units are owned as a legal entity (I think usually a corporation). You buy a share of that entity, which grants you exclusive use to the unit you will "own".

The difference is more legalese than anything, your ownership experience would tend to be similar in either.