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what is cooperative property

1Answers
LeRiver
11/28/2025, 06:02:43 AM

A cooperative (co-op) property is where residents buy shares in a corporation that owns the building, rather than owning a unit directly. Shares grant a proprietary lease for a specific unit and access to common areas. Owners must follow the co-op’s rules, overseen by a board that can approve or reject buyers.

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