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Esther, Home Buyer in Broadway, Seattle, WA

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Asked by Esther, Broadway, Seattle, WA Sun Sep 5, 2010

When you purchase a co-op, do you own it? What happens if you pass away? Can I pass it on to my family?

Esther

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3
Yes, you own shares of the corporation with exclusive rights to the unit. They are passed on in the same manner as if it were a condominium. It is good to work with a broker who understands co-ops. Though you live in it the same as a condominium, there are many differences. Let me know if you need help with a purchase.

Brett

Brett Frosaker
Broker
Columbia Real Estate Group
206-755-7858
BFrosaker@Columbia-RE.com
1 vote Thank Flag Link Mon Sep 6, 2010
There's a subtle difference in "ownership." Co-op owners own the entire building, co-operatively.

However. If you pass away, your family can certainly inherit it, but most co-ops have rules against renting, in which case, your heirs would either have to move in or sell it.

Of course, some condos have rental restrictions, too.

In all probability, your heirs would prefer to sell, anyway!
0 votes Thank Flag Link Mon Sep 6, 2010
Brett & Kristin are exactly right. I would add that since most people do not understand Co-ops, that they are usually a better bargain then condos. You will also save money on insurance & have more control and cooperation with each other as owners then you generally would in a condo association. Let me know if you need any other help or advice.
0 votes Thank Flag Link Mon Sep 6, 2010
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