Property Ownership
In Pennsylvania, a cooperative (co-op) apartment building structure means the resident:
AOwns their individual unit as a condo
BOwns shares in a corporation that owns the building and has a proprietary lease on their unit✓ Correct
CRents from the building owner under a standard lease
DOwns a fractional interest in the land only
Explanation
In a cooperative, a corporation owns the entire building, and residents purchase shares in the corporation. Share ownership entitles the resident to a proprietary lease on their specific unit. Co-ops are less common in Pennsylvania than condominiums but do exist in some urban markets.
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