You need to know – What is a cooperative?

YouNeedToKnowWeb500A cooperative (also known as a cooperative association or co-op) is a form of real property ownership where legal title is vested in a corporation or other entity

The co-op is owned by all the unit owners in the building, by virtue of their shareholdings in the stock of the cooperative

An individual owner will purchase a share in the co-op which in turn grants that owner the right to purchase a proprietary lease to a specific unit and therefore the right to occupy that unit for the life of the corporation

This is a structure that enables common areas and services to be managed

Other structures that achieve the same goal include home owner associations and condominiums