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Steve G, Home Buyer in Olive Branch, MS

what is a co-op?

Asked by Steve G, Olive Branch, MS Tue Oct 22, 2013

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Co-op ownership represents an interest (i.e. stock) in realty; simply put, the traditional housing co-op involves the formation of a corporation for the purpose of acquiring title to a multi-unit building and, in turn, leasing individual units (apartments) to the shareholders of the corporation.
1 vote Thank Flag Link Tue Oct 22, 2013
Good morning,

When you purchase a Coop, you’re purchasing stock in a privately-held corporation who owns the building. As a stockholder, you lease an apartment from the company in which you’re a part owner. Simply put, you get a Proprietary Lease for a specific apartment because you own a portion of the Cooperative corporation (evidenced by the stock certificate).

The bigger the apartment... The more shares you have.

If you have any more questions feel free to call me anytime.

Luke Constantino
Commercial/Residential
Keller Williams Realty Empire
9120 4th Avenue Brooklyn, NY 11209
M: (212) 300-3919
O: (718) 954 8400
F: (347) 587-2828
lukenyc@kw.com
1 vote Thank Flag Link Tue Oct 22, 2013
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