cooperative housing :: legal definition
Cooperative housing - n. an arrangement in which an association or corporation owns a group of housing units and the common areas for the use of all the residents. The individual participants own a share in the cooperative which entitles them to occupy an apartment (or town house) as if they were owners, to have equal access to the common areas and to vote for members of the board of directors which manages the cooperative. A cooperative differs from a condominium project in that the owners of the condominium units actually own their airspace and a percentage interest in the common area. In a cooperative there are often restrictions on transfer of shares such as giving priority to other members, limits on income or maximum sales price.
See also: common area condominium cooperative and Related Law Terms ↓
Related Law Terms
common area :: n. in condominium and some cooperative housing pro ... tage of total store space occupied.condominium :: n. title to a unit of real property which, in real ... ium projects. See also: common area
cooperative :: n. an association of individual businesses, farmer ... exes. See also: cooperative housing
general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
jury :: n. one of the remarkable innovations of the Englis ... hallenge sequester venire voir dire
leasehold :: n. the real estate which is the subject of a lease ... sehold. See also: condominium lease
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
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