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Cooperative
Cooperative A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease.
RELATED TERMS--------------------------------------
Title
1) The rights of ownership and possession of particular property. 2) In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents), or it may refer to the ownership interest one has in the real estate.
Trust
An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
Corporation
An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual.
Lease
A contract whereby the landlord grants the tenant the right to occupy defined space for a set period at a specific price (i.e., rent).
SIMILAR TERMS--------------------------------------
Cooperating broker
A broker who assists another broker in the sale of real property, usually the selling broker who found a buyer for the listing broker.
Cooperating broker fee agreement
An agreement between brokers specifying the commission split should the cooperating broker sell a property listed by the listing broker.
Cooperative corporation
A business trust that holds the title to a cooperative residential building and grants occupancy rights to shareholders in the corporation.
Cooperative housing
An apartment building or a group of dwellings owned by a corporation, the stockholders of which are the residents of the dwellings.
Cooperative mortgages
Any loans related to a cooperative residential project.
Cooperative project
A project in which a corporation holds title and sells shares representing individual units to buyers who then receive a proprietary lease as their title.
PREVIOUS AND NEXT TERMS--------------------------------------
Conveyancing
The process of transferring legal ownership of a property from one party to another.
Conveyancing fee
The fee charges to carry out conveyancing work.
Co-op housing
An apartment building or a group of dwellings owned by a corporation, the stockholders of which, are the residents of the dwellings.
Cooperating broker
A broker who assists another broker in the sale of real property, usually the selling broker who found a buyer for the listing broker.
Cooperating broker fee agreement
An agreement between brokers specifying the commission split should the cooperating broker sell a property listed by the listing broker.
Cooperative
Co-operative (Co-op)
An arrangement in which a corporation made up of residents owns a building. The buyer owns a proprietary lease, rather than real property, and a corresponding number of shares in the corporation.
Cooperative corporation
A business trust that holds the title to a cooperative residential building and grants occupancy rights to shareholders in the corporation.
Cooperative housing
An apartment building or a group of dwellings owned by a corporation, the stockholders of which are the residents of the dwellings.
Cooperative mortgages
Any loans related to a cooperative residential project.
Cooperative project
A project in which a corporation holds title and sells shares representing individual units to buyers who then receive a proprietary lease as their title.
This dictionary contains 6433 terms. |
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