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The cooperative form can be advantageous as a building mortgage can be carried by the cooperative corporation, leaving less financing to be obtained by each co-op owner. Under condominium ownership only the separate condo owners provide financing.
The Uniform Common Interest Ownership Act was created to provide a model set of laws to govern condominium, cooperative, homeowner association and planned unit development communities in the United States. Variations of the act have been adopted in Colorado, Washington (state), and some other states.
A condop, a portmanteau of the words condominium and cooperative (or "co-op"), is a co-op inside a condo. [3] Stepping back, condominium owners actually hold title to a piece of real estate. Co-op owners are actually shareholder-tenants with shares in and a long-term lease from the co-op corporation. In all co-ops, a corporation owns the building.
Condo unit owners and co-op shareholders may want to consider adding optional coverage for loss assessments. Homeowners who live in a homeowners association might also want to consider this coverage.
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After the deadly collapse of a 12-story condominium tower in the Surfside suburb of Miami in 2021, state lawmakers implemented new requirements for older condominiums. NBC Universal 2 months ago
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
Common in, for instance, New York City, Hamburg, and Berlin is a form of real estate ownership known as a cooperative (also co-operative or co-op, in German Wohnungsgenossenschaft – apartment co-operative, also "Wohnbaugenossenschaft" or simply "Baugenossenschaft") which relies heavily on internal rules of operation instead of the legal ...