Property Ownership
In New Jersey, a 'cooperative' (co-op) differs from a condominium in that cooperative residents:
AOwn their individual units in fee simple
BOwn shares in a corporation that owns the building, and receive a proprietary lease for their unit✓ Correct
CRent from a government housing authority
DOwn the land beneath the building individually
Explanation
In a cooperative, residents own shares in a corporation that holds title to the entire building, and receive a proprietary lease for their specific unit. This contrasts with condominiums where owners hold fee simple title to their individual units.
Related New Jersey Property Ownership Questions
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