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Real Estate Course
Chapter 15 - Condominiums and Cooperative
| Term | Definition |
|---|---|
| Cooperative | A dwelling unit owned by a corporation in which an owner owns stock commensurate with the value of his or her apartment compared to the value of the building as a whole. The stockholder has a proprietary lease to the apartment. |
| Share Loan | A loan in which shares of stock are used as collateral. Typically found in cooperative purchases. |
| Proprietary Lease | A lease given by a corporation to another. It is often used in a co-op context, where the owner is given a certain number of shares in the co-op, along with a proprietary lease for one of the residences in the building. |
| Maintenance | Monthly payments by a shareholder to a cooperative corporation. |
| Sponsor | The developer or owner organizing and offering for sale a condominium or cooperative development. |
| Board Package | A series of documents submitted for the review by a cooperative board. |
| Alteration Agreement | Describes the terms under which the cooperative gives permission to a shareholder before making any changes or improvements to the unit the shareholder occupies. |
| Condominium | A form of fee simple ownership of part of a structure having multiple units. Owners have title to their own units plus a share of the common elements. |
| Condop | A residential establishment that includes both a condominium and cooperative ownership structures. Typically the condop refers to the residential portion of a building which is treated as a single condominium unit owned through a cooperative-ownership str |
| By-laws | The owner’s rights and obligations for a condominium. |
| Common Elements | Also known as Common Areas; refers to the spaces in a building shared by residents of the building. Common areas include lobbies, corridors, stairs, elevators, etc. |
| Covenants, Conditions and Restrictions (CCRs) | Limitations and rules on a group of homes by a builder, developer, neighborhood association and/or homeowner associations; when living in a building, a buyer gives up certain freedoms to be part of a shared |
| Declaration | Also known as a Master Deed, is a fundamental document that establishes the existence of and further governs the use and maintenance of a condominium property. |
| House Rules | Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, and conflict resolution. |
| Letter of Intent (LOI) | Generally an agreement to agree. It outlines the terms between parties who have not formalized an agreement into a contract. LOIs are generally not binding and unenforceable. |
| Offering Statement | A document prepared by the attorneys representing the builders of a newly constructed condominium building. The statement includes information about the number and type of units in the building, the Homeowners Association rights and duties to owners, and |
| Recognition Agreement | The agreement between the cooperative building and the bank lending money for purchase of shares of stock in the cooperative. |
| Flip Tax | A fee paid by a seller or buyer on a housing co-op transaction typically in New York City. It is not a tax, and not deductible as a property tax. It is a transfer fee payable upon the sale of an apartment to the co-op. |
| Flipping | A term used for buying a home and then turning around and reselling it for a profit. |
Created by:
drister05
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