Cooperative

  Previous topic Next topic JavaScript is required for the print function  

The unit owner in a Cooperative has purchased a share in a corporation whose principal asset is the building(s).

 

The shareholder receives a proprietary lease to occupy a specific unit in the building(s)
The shareholder occupies the unit in perpetuity but doesn't actually own it
Each shareholder pays a proportional share of the corporation's expenses including mortgage charges, taxes, payroll, maintenance, etc.
The lease and shares are considered personal property

 

The owner of a cooperative unit does not own any real estate.  He owns personal property that is a share of stock and a proprietary lease to occupy the building.  The mortgage is made (and paid) by the corporation not the individual.

Page url: http://www.georgiaappraiser.com/glossary/index.html?cooperative.htm