Property Ownership
In New York, 'cooperative housing' differs from 'condominium' ownership in terms of financing in that:
ABoth use identical mortgage financing through real property mortgages
BCo-op purchasers obtain share loans (personal property loans), while condominium purchasers obtain real property mortgages✓ Correct
CCondominiums require larger down payments than co-ops
DCo-op financing is not regulated by any state or federal laws
Explanation
Co-op purchasers in New York do not obtain a real property mortgage because they are not buying real estate — they are buying shares in a corporation plus a proprietary lease (personal property). They obtain a 'share loan' secured by the shares and lease under UCC Article 9. Condo purchasers buy a real property interest and finance it with a standard real property mortgage.
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