are businesses owned and run jointly by their members. They exist in many forms, however, members generally pay a fee to belong, have special buying privileges and receive annual shares of the profits.
A structure of two or more units in which the residents own shares in the corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
A buyer purchases shares in a co-op corporation, made up of the residents in the co-op property. The buyer owns the shares rather than owning the real property. In exchange, the buyer has the right to occupy a co-op unit.
In a co-op, residents are shareholders in the corporation that owns the building. The value and size of a specific unit determine the amount of shares a resident must buy. Although residents do not own their units, they have the right to live there for as long as they hold stock in the corporation. Each shareholder is responsible for a portion of property taxes, building maintenance and any loans. Most commonly apartments, co-ops also can be townhomes or row houses. Co-ops have a reputation for exclusivity; their bylaws give the board the right to decide whether a prospective owner can buy into the corporation, and some co-ops require cash-only transactions.
A cooperative is an organisation owned and controlled by the people it serves who join together for a common benefit. A cooperative may be formed for the provision of goods or services to members or for the supply or goods or services to the general public. Cooperatives will be considered a commercial enterprise if, according to their rules, profits are distributed to members.
A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.
A form of real estate ownership, usually residential property, in which individual owners hold shares of stock in a corporation. Each owner leases property from the corporation under a proprietary lease.
Co-ops are like condominiums, except instead of owning your unit, you own a percentage of shares in the entire building. One drawback to living in a cooperative is that if you decide to sell your shares and move out, the co-op board has the right to reject your prospective buyer.
A structure of two or more units in which the right to occupy a unit is obtained by the purchase of stock in the corporation which owns the building.
A cooperative housing development is distinct from other public housing schemes such as council owned housing or Housing Association property. The key difference is that cooperative housing is exempt from right-to-buy legislation. In addition, such developments are eligible for central government subsidy under the housing association grant system. This system usually writes off some 90% of the costs of development leaving around 10% to be paid off by tenants (out of fair rents) over a 60-year period (for new build) or 30-year period (for rehabilitation schemes) ( Ref 23). Tenants do not pay to join a cooperative and have nothing to sell when they leave it. Each tenant pays a fair rent (fixed by the rent officer) which is used to cover maintenance costs and to repay the mortgage.
Cooperatives are apartment buildings where you own a share of a corporation whose main asset is the building that you live in. In high-cost areas, cooperatives (like their cousins, condominiums and townhouses) are cheaper alternatives to buying single-family houses. Unfortunately, cooperatives also resemble their cousins in that they generally lag behind single-family homes in terms of appreciation. Co-ops are also, as a rule, harder to sell and obtain loans for than condominiums.
Apartment buildings where residents own a share of a corporation whose main asset is the building they live in. Cooperative apartments are generally harder to finance and harder to sell than condominiums.
A multi-family facility where each unit is independently owned by the tenant and an annual fee is assessed for maintenance and upkeep.
A form of property ownership in which a corporation owns a multiunit complex and the tenants purchase shares in the corporation, giving them the right to occupy a unit.