2. Other Forms Of Ownership Interest In Realty Flashcards
0
Q
Cooperative
A
Title held in form of shares of stock in the corporation
Owners of the realty are each stockholders
Each has a property lease
Taxes are against the corporation (NO DEED)
1
Q
Other forms of ownership in realty
A
Cooperative … Condominium … Timeshare
2
Q
Condominium
A
Owner of the realty holds two titles: one for air space inside the condo and one for the common areas of development with other condo owners
Each party responsible for their units taxes, etc (DEED)
3
Q
Timeshare
A
Own one unit for one week out of one year
One can own their unit in a leasehold estate or a fee simple
