Ownership - Condominiums & Cooperatives

Question 1

Ownership of a unit of airspace plus an undivided interest in the common elements as tenant in common w/other owners
May be sold, encumbered or foreclosed w/o affecting other unit owners
Creation: by developers declaration
Each owner receives a separate deed
Owner can mortgage his unit and claim the interest and taxes as a tax deduction
Common Elements: all portions of a condo other than the units

Answer 1

Condominiums

Question 2

Ownership of shares (stocks) in owing corporation, plus proprietary lease in a unit
Corporation has sole, undivided ownership

Answer 2

Cooperatives

Question 3

What is transferred when a condo is sold?

Answer 3

Deed

Question 4

Which statement bests describes condo ownership?

Answer 4

Ownership in a cubage and tenancy in common for common grounds