Pennsylvania Rules and Regulations Concerning Occupancy of Cooperative Apartment
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FAQ
Owners of a co-op own shares of the cooperative instead of owning their unit outright, which would be the case in a condominium. With some co-ops, owners are allowed to sell their co-op shares in the open market, depending on the market rate for co-ops in that location, subject to approval by the co-op board.
With double digit annual property value gains like that, it comes to no surprise that coops have made an excellent investment for those that have bought into them and continue to be a great opportunity for those looking to enter the market.
Pennsylvania Deed RequirementsA deed must be in writing, state the name of the current owner, include the legal description for the real estate being transferred and state the name of the new owner. The deed only concerns title to the real estate.
Since the cooperative corporation does not own any real estate, the cooperative does not build up any equity (just as a renter doesn't build equity).
Shares are allocated based on the square footage of the unit and whether there is a balcony or private roof access. Your co-op board cannot determine the amount of shares randomly for each unit.
In a Market Equity co-op, a member joins the co-op, buys a share, and lives in a unit. This is similar to something like a condo complex, but instead of owning one condo, you own a share in the whole complex. When you decide to leave the co-op, you can sell your share at whatever the market will pay for it.
Since the cooperative corporation does not own any real estate, the cooperative does not build up any equity (just as a renter doesn't build equity).
Many co-ops distribute profits back to their members it's a common feature of co-operatives, and reason enough for the business to want to make sure it is profitable. But that's not the only reason why co-ops should do more than just break even. Here are five (more) reasons a co-op should make a profit.
A housing cooperative or "co-op" is a type of residential housing option that is actually a corporation whereby the owners do not own their units outright. Instead, each resident is a shareholder in the corporation based in part on the relative size of the unit that they live in.