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Patrick, Home Seller in united kingdom

What is a condop ? Am i spelling this correctly ? Thankyou.

Asked by Patrick, united kingdom Wed Oct 15, 2008

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A condop is a hybrid of condominiums and cooperatives. A condop was a condominium in which the developer had solved the 80/20 issue (section 216 of the Internal Revenue Code; coops cannot receive more than 20% of its income from passive sources) through ownership retention in the project's income producing sources. In a condop structure, there is condominium ownership in the land by the residential units and condominium ownership in the land by the residential units, and condominium ownership in the land by the developer for the commercial spaces. The residential portion of the property is operated as a cooperative. As a result of this setup, units are subject to condominium bylaws. The cooperative shareholder receives condominium flexibility in matters concerning sales and subletting.
The term itself has become a source of confusion because there are sometimes two definitions being used in the marketplace: a legal definition and a broker definition.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Wed Oct 28, 2009
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