Hannah is explaining to her client the basic difference between cooperative and condominium ownership in New York. What is the fundamental distinction between these two forms of ownership?
Correct Answer
B) Cooperatives involve personal property ownership while condominiums involve real property ownership
The fundamental distinction is the type of property ownership. Cooperative ownership involves purchasing shares in a corporation (personal property) plus a proprietary lease, while condominium ownership involves purchasing real property (the unit) plus an interest in common elements.
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Grace owns shares in a cooperative that is considering allowing non-owner occupancy (investor ownership) for the first time. What potential impact could this change have on existing shareholders under New York cooperative law?
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A buyer is reviewing the contract for a cooperative apartment purchase in New York. All of the following provisions would typically be found in a cooperative purchase contract EXCEPT: