A real estate agent is explaining the differences between cooperative and condominium ownership to a client. All of the following statements about New York cooperatives are accurate EXCEPT:
Correct Answer
B) Shareholders receive deeds conveying title to their individual units
Cooperative shareholders do not receive deeds because they are not purchasing real property. They receive stock certificates evidencing share ownership and proprietary leases granting occupancy rights. Deeds are associated with condominium ownership, not cooperative ownership.
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Kevin is buying a condominium unit in Rochester. The seller's attorney mentions that the unit comes with 'common area interest.' What does this mean under New York condominium law?
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Amanda owns a cooperative apartment that she wants to use as collateral for a business loan. Her banker explains the limitations of using co-op shares as collateral. What is the primary challenge with using New York cooperative shares as loan collateral?