Rules and Regulations Concerning Occupancy of Cooperative Apartment
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If you are a tenant in a co-op, you can be evicted. The board can start a non-payment proceeding or a holdover proceeding against you in Housing Court. Co-op boards have a lot of freedom in deciding how to run their buildings and whether to evict a tenant for objectionable conduct.
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.
ARTICLE I. NAME OF ORGANIZATION. The name of the corporation is YOUR NONPROFIT NAME HERE. ARTICLE II. CORPORATE PURPOSE. Section 1. ARTICLE III. MEMBERSHIP. ARTICLE IV. MEETINGS OF MEMBERS. ARTICLE V. BOARD OF DIRECTORS. ARTICLE VI. OFFICERS. ARTICLE VII. COMMITTEES. ARTICLE VIII. CORPORATE STAFF.
A co-op is a way to own a primary residence, but where homeowners don't own their units outright; instead, each resident is a shareholder in the co-op itself. Some co-op owners are allowed to sell their co-op shares in the open market, depending on the market rate for co-ops in that location.
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.
Bylaws are the rules and regulations that govern and define various aspects of a co-operative's business. Bylaws can vary widely across organizations and reflect both the business of the co-operative and values and interests of its members.
Just like any other privately owned piece of property, the answer is yes for a condo. However, to inherit either, you will need a will that clearly names you as the inheritor of the property. If one spouse passes away and the real estate was jointly owned, then it can pass directly to the other upon death.
Whether or not there is a will, a proprietary lease in a co-op will not terminate upon the death of an owner.The decedent's interest passes to the estate and is inherited by the beneficiary in the will or by the next of kin. That may not be the co-owner of the sharesor even the spouse of the decedent.
Except when it's a co-op apartment, where a board can evict shareholders for annoying conduct and needn't even go to court to do it.Co-ops cannot avoid court altogether in such cases, because even after a Pullman-type termination of a shareholder's proprietary lease, the co-op still must sue to evict the shareholder.