Missouri Rules and Regulations Concerning Occupancy of Cooperative Apartment
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FAQ
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.
Occupancy tenant means a tenant who, immediately before the commencement of this Act, is recorded as an occupancy tenant in the revenue records, and includes a kismi tenant and a tenant who, after such commencement obtains a right of occupancy in respect of the land held by him whether by agreement with the landowner
Condominiums and cooperatives are known as common interest communities. All the common space, including hallways and corridors, lobbies and common rooms, and exterior grounds, are commonly owned or maintained by all the owners in the development.
Landlords should:Make property habitable before tenants move in. Make and pay for repairs due to ordinary wear and tear. Refrain from turning off a tenant's water, electricity or gas. Provide written notice to tenants when ownership of the property is transferred to a new landlord.
No more than three unrelated persons may live in the same dwelling.
Basically, condo buyers will own the condominium unit itself, and what's called an "interest" (along with all the other owners) in the "common elements" (sometimes called "common areas") of the condominium project.
The major difference between a condominium and a cooperative is that in a cooperative, each owner does not have outright ownership of any specific, identifiable unit. Rather, title to the entire property is held by the cooperative (usually a corporation), and the residents own stock in the corporation.
The owner of a co-op does not own his or her unit. The co-op is generally a corporation, with a corporate board of directors, and each resident is a "shareholder." Co-op buyers do not sign a deed. Instead, they purchase shares of the corporation, shares that include a lease granting use of a specific unit.
What are common areas? Common areas are elements of a property available for use for all tenants or owners. Deeper definition Common areas can include hallways, sidewalks, parking lots, community swimming