Cooperative (Co-op)

Definition: In a housing cooperative, an entity holds title or a qualifying property interest, while residents' beneficial use is tied to association ownership interests and a lease or other occupancy document.

Example

A purchaser receives shares or another membership interest together with the right to occupy a designated unit.

Keep the distinction clear

This differs from holding a condominium unit with its appurtenant common-element share. The cooperative documents determine the particular ownership and occupancy rights.

Related terms

Condominium · Proprietary Lease · Leasehold Estate

Keep studying

Condominium Ownership: Your Unit and the Common Elements

References: Florida Statutes 719.103: cooperative definitions

Pronunciation (US): koh-OP-er-uh-tiv (capitals show stress)

Pronunciation reference: Merriam-Webster