Lisa Wang is explaining to her client the difference between co-op and condo ownership in New York City. Which statement about co-op ownership structure is correct?
Correct Answer
D) Co-op owners own shares in a corporation plus a proprietary lease
In New York, co-op ownership involves purchasing shares of stock in the cooperative corporation that owns the building, along with a proprietary lease that grants the exclusive right to occupy a specific unit. This is personal property, not real property.
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Related Topics & Key Terms
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Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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