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Passage of the Condominium Act then opened a wave of construction of condominium buildings. [40] 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.
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.
Homeowners insurance vs. condo insurance. Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly ...
Most cohousing communities in the U.S. currently rely on one of two existing legal forms of real estate ownership: individually titled houses with common areas owned by a homeowner association (condominiums) or a housing cooperative. Condo ownership is most common because it fits many financial institutions' and cities' models for multi-unit ...
Legal expert tackles more questions about structural integrity reserves. Also,can HOA board ban non-owners from meetings?
An alternative form of ownership, popular in parts of the U.S. but found also in other common law jurisdictions, is housing cooperative, also known as "company share" or "co-op". A Housing Cooperative is where the building has an associated legal company and ownership of shares gives the right to a lease for the residence of a unit. [ 53 ]
Buying a condominium means buying an individual unit in a property with public areas owned and managed by a homeowner's association. Buying an apartment usually means buying a share of ownership ...
A housing cooperative, or co-op, is a legal entity, usually a corporation, which owns real estate, consisting of one or more residential buildings; it is one type of housing tenure. Housing cooperatives are a distinctive form of home ownership that have many characteristics that differ from other residential arrangements such as single family ...