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COOPERATIVE HOUSING

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

Real property consisting of several individual units and where an association or corporation owns all the individual units and common areas (lobby, roof, parking, elevator). Individual owners purchase shares of the cooperative organization which entitles them to a lease of a unit or portion of the property with the same access to common areas as other shareholders. The cooperative will have a board of directors that is elected by the shareholders and manages the cooperative organization. See also condominium for comparison.

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