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부동산

Apartment Ownership - Cooperatives

2019.03.02 19:59 Views : 71

Apartment Ownership - Cooperatives

Many people confuse the two types of apartment ownership - cooperatives and condominiums (otherwise known as "co-ops" and "condos") - so we're going to explain the differences on the next couple of screens. On this screen, we'll focus mostly on cooperatives.

  • In a cooperative, the cooperative owns property; whereas in a condominium, each individual person owns his own unit.
  • In a cooperative, members own stock in the cooperative. In a condominium, individual owners can have Fee Simple Ownership.
  • As stockholders in a cooperative, individuals have long-term leases (proprietary leases). In a condominium, each individual owns his own unit.
  • In a cooperative, individuals make monthly rental payments and taxes, insurance, management, and maintenance payments to the cooperative. In a condominium, everyone makes his or her own mortgage, insurance, and tax payments.
  • In cooperative ownership situations, the cooperative receives all the money from the "tenants" and then pays mortgages, taxes, and insurance payments, as well as maintenance of the property and all other costs. If too many stockholders do not pay their obligations, the "co-op" will not be able to pay mortgages, taxes, and other expenses, and could lose the entire property through foreclosure.
  • Conversely, in a condominium, if one unit cannot pay, then only that unit is going to be lost through foreclosure. More about condominium ownership in the following slide. 
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Notice 부동산 용어 (A to Z) 2019.03.03 1439
51 DEED 2019.03.04 78
50 Managers and Employees Exempt From Licensing Law 2019.02.28 78
49 Rights in Real Estate 2019.03.02 78
48 8686 Merced Circle Unit#1010C, Huntington Beach, CA 92646 2021.12.05 77
47 Real Estate Law 94 2019.05.16 76
46 Real Estate Practice - 7 (Understanding-Answers) 2019.04.12 76
45 How to buy the house in CA,USA 2022.04.19 76
44 Original Real Estate Broker License 2019.02.28 75
43 Condominium Ownership and Time Shares 2019.03.02 75
42 Exemptions from License Requirements 2019.02.28 74
41 Environmental Regulation 2019.03.02 72
40 TEST1 2023.06.05 71
39 Real Estate Practice - 26 (Understanding-Answers) 2019.04.26 71
38 Real Estate Practice -6 (Understanding-Answers) 2019.04.12 71
37 Hudson Yards file 2019.03.16 71
36 warranty deed 여섯 가지의 covenant 2019.03.04 71
» Apartment Ownership - Cooperatives 2019.03.02 71
34 TEST 2 2023.06.06 70
33 Real Estate Practice - 29 (Understanding-Answers) 2019.04.27 70
32 Real Estate Practice - 16 (Understanding-Answers) 2019.04.14 70
31 TEST4 2023.06.24 69
30 Real Estate Law 89 2019.05.16 69
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27 융자 프로그램의 종류 2019.04.26 68
26 Real Estate Practice - 13 (Understanding-Answers) 2019.04.13 68
25 Chapter 6 Conclusion 2019.04.13 67
24 Mandatory Broker Courses 2019.02.28 67
23 Chapter 23 Conclusion 2019.03.26 66
22 TEST FINAL 1 2023.06.24 65