COOPERATIVE APARTMENT Meaning and
Definition
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A cooperative apartment, commonly referred to as a co-op, is a type of housing arrangement where individuals own shares in a corporation or association that owns the entire building or complex. In a cooperative apartment, individuals do not actually own the physical unit they live in but rather a share of the corporation or association that entitles them to the right to occupy a particular unit.
Unlike a condominium where individuals own the specific unit they reside in, co-op owners possess shares that represent their ownership in the overall building or complex. These shares determine the size and value of their apartment within the co-op structure. Each co-op member has the privilege to live in a specific unit and has voting rights within the corporation or association.
Cooperative apartments are typically subject to various rules and regulations set forth by the corporation or association, including by-laws, maintenance fees, and governance requirements. The maintenance fees, also known as carrying charges, cover the operating expenses of the building such as utilities, real estate taxes, and repair costs. These fees are divided among co-op shareholders based on the number of shares they own.
Cooperative apartments are known for their distinctive sense of community as residents have a greater level of involvement and control over the building and its operations compared to other forms of housing. This housing arrangement provides individuals with an alternative to traditional homeownership and offers the benefits of shared responsibilities, cost-sharing, and collective decision-making.
Common Misspellings for COOPERATIVE APARTMENT
- xooperative apartment
- vooperative apartment
- fooperative apartment
- dooperative apartment
- cioperative apartment
- ckoperative apartment
- cloperative apartment
- cpoperative apartment
- c0operative apartment
- c9operative apartment
- coiperative apartment
- cokperative apartment
- colperative apartment
- copperative apartment
- co0perative apartment
- co9perative apartment
- coooerative apartment
- coolerative apartment
- coo-erative apartment
- coo0erative apartment
Etymology of COOPERATIVE APARTMENT
The word "cooperative" comes from the Latin word "cooperatus", which means "worked together". It refers to a type of apartment ownership structure where residents collectively own a corporation or cooperative housing association that owns the building or buildings. Each resident buys shares in the cooperative association and has the right to live in a specific unit within the building. The word "apartment" comes from the French word "appartement", which originally referred to a separate room or suite of rooms within a larger building.
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