Property Ownership
In New York City, a 'cooperative' (co-op) differs from a condominium primarily because:
ACo-op owners hold fee simple title to their individual units; condo owners do not
BCo-op owners hold shares in a corporation and a proprietary lease; condo owners hold fee simple title to their units✓ Correct
CCo-ops are regulated by the NY Condominium Act; condos are not
DOnly condos require board approval for transfers; co-ops do not
Explanation
In a New York City co-op, the owner does not own real property; instead, they own shares in the cooperative corporation and hold a proprietary lease for the right to occupy the unit. In contrast, a condominium owner holds fee simple title to the individual unit plus an undivided interest in common elements.
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- A 'proprietary lease' in a New York City cooperative grants the shareholder:Property Ownership
- In New York, a 'common charge' in a condominium is analogous to a co-op's 'maintenance' in that both:Property Management
- A New York City landlord wishes to convert a rental building to cooperative or condominium ownership. Under the Martin Act (General Business Law Article 23-A), the offering plan must be:Property Management
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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.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
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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