Property Ownership
What is a 'cooperative' (co-op) housing arrangement and how does it differ from condominium ownership in Illinois?
AThey are identical ownership structures; the terms are interchangeable
BIn a co-op, residents own shares in a corporation that owns the building; in a condo, residents own individual unit air space✓ Correct
CCooperatives are owned by the government; condominiums are privately owned
DCooperatives are for commercial use; condominiums are for residential use only
Explanation
In a cooperative (co-op), residents purchase shares in a corporation that holds title to the entire building and lease their unit from the corporation under a proprietary lease. There is no individual unit deed.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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.
Math Concepts
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