What is co-op residence?

Answer 1

A co-op apartment is were women and men from different families live in the same building.

Another AnswerIn co-op apartment, a purchaser buys shares in the corporation owning the property. This is a real-estate ownership method that is a little tricky, but common especially when the property is in an extremely desired geography, such as Manhattan in New York City.

Depending on the co-op's guidelines, there could be disadvantages that could include:

-not being able to sublet an apartment unless the renter meets the co-op board's approval

-not being able to buy the apartment unless you are approved by the board (this typically includes credit and background checks)

-not owning a real piece of property but shares in a corporation that like any other must be managed and supervised to remain solvent/profitable. This makes obtaining a mortgage difficult: usually co-op apartments are purchased with cash.

Answer 2

Most simply, a 'co-op apartments' describes a housing cooperative. In a single building, the cooperative is a corporation that owns the building, and not necessarily the land under it.

When you by a cooperative apartment you are buying shares in the corporation that owns the buiolidng and all its apartments. You are given exclusive use of an apartment or unit.

Greater numbers of ownership shares are generally associated with larger units and a greater percentage of the vote. Cooperative apartment buildings operate under rules and By-laws, that can be very complex, especially financially.

Co-op units are offered for sale conditionally upon the acceptance of the prospective buyer by the co-op board. Significant disclosures are required as part of this approval process: some people are denied purchase.