There’s two main items here from this definition. First, what is a cooperative, and I’m going to reach straight from Preston versus Sailor from the appellate division, 1980 legal title to the real and personal property of a cooperative complex or project is vested in a cooperative corporation.Īnd individuals purchase shares of stock enable them to occupy it dwelling under a proprietary lease. What are the differences in co-op sales versus standard other real estate transactions and strategies and tips as to how you can approach those differences. Now this video’s going to cover, what is a co-op from a legal perspective? ![]() That said, co-ops can be very different and it’s good to prepare all our clients ahead of time, about how that process is going to go, so there’s no shocks, difficulties as it’s moving forward. And this is a video about some of the differences between a party buying and selling a cooperative unit versus buying and selling other forms of real estate, particularly in a competitive market, where there are a lot of buyers hunting for deals, a co-op may be a good alternative, or they can not have to overpay, not have to waive everything, not have to waive appraisal and still get a property that meets their needs.
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