A cooperative (co-op) is a form of residential ownership.  The cooperative property is owned collectively by resident/members and established as a non-profit corporation.  When one buys into the cooperative one is sometimes referred to as a shareholder.  Rather than owning a single dwelling or unit within a property, as in the case of a condominium, the member owns a share in the entire assets of the cooperative property.  This includes land, buildings, and grounds.

Ownership in a cooperative gives one exclusive rights to occupy a dwelling (unit) and to participate in the operations of the cooperative.  As a member of a cooperative, one pays a monthly fee towards the operation and maintenance of the cooperative property and for services and amenities provided by the cooperative.

Co-op members elect a governing board of member/residents that make decisions pertaining to the management and operation of the property.  The board utilizes a professional management company to manage the services and necessities of the co-op.  Some of the benefits of cooperative living include freedom from many maintenance concerns and the leveraging of costs while maintaining quality housing and standards.

You and/or your real estate agent can find additional information in our Application For Membership.