Cooperative property

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Cooperative property:

Cooperative societies are based on the principles of cooperation- mutual help.  Cooperative housing society provides its menmbers with plots, houses or flats. Buying a property or flat from cooperative society is different from buying an individual home or buying an apartment from builder. 


What is a cooperative ownership?

A co-op owner has an interst or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owns a unit, a co-op owner does not own the unit. Co-ops are collectively owned and managed by their recidents, who own shares in a nonprofit corporation.


How does a cooperative work in real estate?

A housing cooperative forms when people come together to own and control the buildings tehy live in. They form a cooperative corporation, to which they pay a monthly amount to cover operating expenses. The cooperative owns the land, the buildings, and any common areas. Members buy shares in the cooperative. 




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