#2366
When we speak of a unit in a cooperative we're talking about a unit that is also owned as a tenancy in common and shared by all of the residents of the building in which it is housed.
Is this true or false ?
Take your time. The solution can be found below the wildlife photo.
A. False
A cooperative unit is one of which the building is owned by a corporation and a unit in which the resident actually owns shares.
Tenants in common areas are for condominium owners.
Interesting that the corporation doesn't pay the tax as a landord would a fixed lease for a tenant, Margaret, and that the coop owner's tax assessments aren't part of the escrow. But it makes sense sense as a way for the corporation to recover it's assessment if the building is taxed to the coorporation as a single unit in severalty. Hope you're doing great !
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