Real estate blog entries tagged with coop by Steve Dean (RE/MAX Allegiance)

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coop: Understanding Co-operatives: Selling and Buying - 01/08/08 07:48 PM

So what’s the difference… Like houses and condos, most co-op apartments and townhouses are listed for sale by licensed real estate agents and posted on the area’s Multiple Listing Service while some may be offered for sale directly by the owner. The regional Board of Realtors has available for its Realtor … (1 comments)

coop: Understanding Co-operatives: Board Application for Resident Ownership - 01/08/08 07:46 PM

Before settlement can take place on the sale and purchase of co-op unit, the purchaser must be approved for membership and occupancy by the Board of Directors to assess the applicant’s ability to handle the monthly carrying costs associated with ownership. Each co-op has its own requirements for the sale and … (0 comments)

coop: Understanding Co-operatives: Tax Advantages - 01/08/08 07:44 PM

Co-operative ownership provides the same tax benefits as all other forms of home ownership. The tax deductions available to the co-operative corporation, as result of the payment of real estate taxes and interest on the corporation’s mortgage, are passed through to the individual unit owners in proportion to their ownership interests … (0 comments)

coop: Understanding Co-operatives: Co-op Advantages - 01/08/08 07:43 PM

As a form of multi-family ownership, co-ops offer several distinct advantages. A few of the more significant advantages are highlighted. First of all, title to the land is in the name of the housing corporation. This is significant because the corporation has a mortgageable asset. For example, if there were a … (1 comments)

coop: Understanding Co-operatives: The Corporation Factor - 01/08/08 07:40 PM

As a legal entity, corporations are well known and easily formed. Housing Co-operatives’ sole purpose is to provide homes to its stockholders/members. In the case of a housing co-operative, the corporation has title to the property in which the individual units are a part. Each stockholder or member has the right … (0 comments)

coop: Differences Between Condominium and Cooperative Ownership in DC - 01/06/08 09:28 AM

Many of our clients are not aware of the differences between a condominium and a cooperative.
The first condominiums in the District of Columbia were Tiber Island Condominium built in 1966. The Horizontal Property Act was passed allowing Tiber Island's outer townhouses to be marketed as condominiums. At that time, the public … (0 comments)

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