Co-op owners do not own real estate because stock is personal property.
A co-op, short for cooperative, is a corporation that offers prospective purchasers shares of stock for the title to the land and building. The price of each stock is what the corporation sets for the price of each apartment. Shareholders receive a proprietary lease for the duration of the corporation. Coop owners do not own real estate because stock is personal property.
Click on the following link to learn more about Coop ownership, board approval, financing, management, fees, underlying mortgages, tax benefits and resale.
