Property Ownership, Transfer of Title & Land Use 14.5

Question 1

With Cooperative Ownership: 1

Answer 1

The title to the land and the building is held by a corporation as its one asset.

Question 2

With Cooperative Ownership: 2

Answer 2

Purchasers are shareholders who receive shares of stock equivalent to the set price of a unit and the purchasers then are assigned a proprietary lease to an apartment for the life of the corporation.

Question 3

Timeshare Ownership is also known as

Answer 3

Vacation Ownership

Question 4

With Timeshare Ownership: 1

Answer 4

The purchaser usually receives the right to occupy a certain unit for a specified time-frame each year

Question 5

With Timeshare Ownership: 2

Answer 5

Purchases receive a deed with fractional interest and may transfer or exchange their allotted time for another time-period and or with another property.