What Is A Cooperative Home
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The corporation owns or leases all real estate.
What is a cooperative home. There are more than one million units of cooperative housing in the united states today mostly in major cities. Senior cooperative housing can come in all flavors. Single family home townhomes multi family high rise apartments mobile homes etc.
A housing cooperative or a housing co op is a legal entity usually a cooperative or a corporation which owns real estate consisting of one or more residential buildings. You are buying shares or a membership in a cooperative housing corporation. But if you don t own real estate what exactly are you buying.
For some home buyers particularly in new york and parts of the midwest cooperative living is a way of life. Just like other age restricted retirement communities senior cooperative housing communities follow the law. The main distinction between a housing cooperative and other forms of home ownership is that in a housing cooperative you don t directly own real estate.
It is one type of housing tenure housing cooperatives are a distinctive form of home ownership that has many characteristics that differ from other residential arrangements such as single family home ownership. A housing cooperative or co op is the legal term for a housing. This means that 80 of homes must be occupied by households with one member who.
What is a co op.
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