In New York, when a buyer is purchasing a cooperative apartment, what type of loan document is typically used instead of a traditional mortgage?
Correct Answer
B) Share loan agreement
Co-op purchases in New York involve buying shares in a corporation plus a proprietary lease. Since this is personal property rather than real property, lenders use share loan agreements secured by the stock certificates and lease rights, not traditional mortgages.
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Related Topics & Key Terms
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Related Concepts
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