Co Op Apartment Definition

A co op apartment building is owned by a not for profit corporation.

Co op apartment definition. Co op housing in nyc can be purchased on the open market just like buying a condo in nyc. It is one type of housing tenure. Its also a big investment. This means the co op owner does not actually own his or her unit but instead owns shares of the co op relative to the size and desirability of the unit.

Translation memories are created by human but computer aligned which might cause mistakes. Some co op maintenance fees also include heat and hot water electric gas plumbing pest control and trash among others. A building owned and managed by a corporation in which shares are sold entitling the shareholders to occupy individual units in the building. Cooperative real estate can be found on all property search websites or through your buyers broker just like condos townhouses or multi family properties.

Generally speaking the larger the apartment the more votes the owner has. As a renter living in a co op creates a different more communal atmosphere that you may not find elsewhere. Found 22 sentences matching phrase co op apartmentfound in 7 ms. They come from many sources and are not checked.

People can buy shares of the corporation which entitles them the right to live in a specific unit of the building and a vote in matters concerning the cooperative as a whole. A housing cooperative housing co op or housing company especially in finland is a legal entity usually a cooperative or a corporation which owns real estate consisting of one or more residential buildings. Also called co op cooperative apartment. An apartment in such a building.

In fact there have historically been many more co op apartments for sale vs condo apartments. Its a unique way to own property thats often more affordable than buying a condo or home. Instead each resident is a shareholder.