Property Ownership
In Colorado, a 'cooperative' (co-op) housing arrangement differs from a condominium in that:
AA. Co-op residents own fee simple title to their units
BB. Co-op residents own shares in a corporation that owns the building, and receive a proprietary lease for their unit, rather than owning real property directly✓ Correct
CC. Condominiums have HOAs; co-ops do not
DD. Co-ops are only legal in Denver
Explanation
In a housing cooperative, residents purchase shares of stock in a corporation (or LLC) that owns the entire property. Each shareholder receives a proprietary lease for their unit.
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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