Indiana Rules and Regulations Concerning Occupancy of Cooperative Apartment
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FAQ
Association is the only party in the cooperative with a real property interest. The association's interest is an undivided interest in the entire property. There is no ownership interest in individual units, as with a condominium.
The people who benefit from the products or services of a cooperative business own the cooperative business. In the case of a grocery co-op, the people who shop at the store are owner-members.
The key difference between a condo and a co-op is the ownership structure. When you buy a condo, you own the unit and a percentage of the common areas. When you buy a co-op, you actually purchase a share of the property, and your lease enables you to live in a unit.
A cooperative is an association of persons (organization) that is owned and controlled by the people to meet their common economic, social, and/or cultural needs and aspirations through a jointly-owned and democratically controlled business (enterprise).
Cooperatives as legal entities A cooperative is a legal entity owned and democratically controlled by its members. Members often have a close association with the enterprise as producers or consumers of its products or services, or as its employees. The legal entities have a range of social characteristics.
Cooperatives are autonomous businesses owned and democratically controlled by their membersthe people who buy their goods or use their servicesnot by investors. Unlike investor-owned businesses, cooperatives are organized solely to meet the needs of the member-owners, not to accumulate capital for investors.
A cooperative is also a form of shared or common-interest ownership, although it is much less common than the condominium.
Cooperatives are businesses owned by member-owners. Co-ops are democratically controlled by their member-owners, and unlike a traditional business each member gets a voice in how the business is run. Services or goods provided by the co-op benefit and serve the member owners.
State Transfer Disclosure The State Transfer Disclosure is required for all home sales in California. The transfer disclosure statement (TDS) evaluates the condition of a property. Every residential seller must complete the TDS document.