Cooperative vs. Condominium

Question 1

Owned commonly as personal property, not real property. Member/residents purchase shares of ownership and help with the organization, day-to-day functioning, and maintenance of the community. Periodic workdays are scheduled, highly delegated teams are organized, and community meetings are held. The membership votes on rules and guidelines.

Answer 1

Cooperatives

Question 2

Residents sign a voluntary agreement that they will not sell or lease their unit to a person or persons who do not wish to fully participate in the community. The seller must also offer his or her home for purchase by the community or to an individual or individuals within the community before putting it on the open market.

Answer 2

Cooperatives

Question 3

rely on our declarations to define commercial units project by project. the declaration did include certain provisions required by statute, which included a description of the property and each unit, the way the ___ is governed and dues are assessed, repair and maintenance responsibilities, and ownership interest between the ____ association and the owner. Unlike ____ are real property, whether residential, industrial, or commercial. Unit owners don’t own the building itself or any common areas, but rather the airspace within the owner’s unit and a share in an interest in the common areas. As real estate, ____ may be transferred similarly to other properties.

Answer 3

Condominium