Housing cooperative

Uncommon card · No. 170320

A housing cooperative, or housing co-op, is a legal entity which owns real estate consisting of one or more residential buildings. The entity is usually a cooperative or a corporation and constitutes a form of housing tenure. Typically, housing cooperatives are owned by shareholders, but in some cases they can be owned by a non-profit organization. They are a distinctive form of home ownership that have many characteristics that differ from other residential arrangements such as single family home ownership, condominiums and renting. Housing cooperatives fall into two general tenure categories: non-ownership (referred to as non-equity or continuing) and ownership (referred to as equity or strata). In non-equity cooperatives, occupancy rights are sometimes granted subject to an occupancy or membership agreement, which is similar to a lease. In equity cooperatives, occupancy rights are sometimes granted by way of purchase agreements and legal instruments registered on the title. The corporation...

Read on Wikipedia · Image Daniel Case; cropped by Beyond My Ken (talk) 07:35, 10 September 2013 (UTC), CC BY-SA 3.0