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The Essentials of Common Interest Communities
The Essentials of Common Interest Communities
There are three types of common interest communities in my state of Connecticut and in most states.  They are condominiums, planned communities and cooperatives.  Each state has its own version of these but the descriptions provided below are similar throughout the states.  This article will be about the basics of homeownership of each.
Cooperatives
I’ll start with cooperatives first to get it out of the way.  This is the one of that I know the least about for two reasons: (1) there aren’t many in Connecticut and (2) they have nothing to do with FHA condominium approvals.  I know what they are and learned about them when I took my Real Estate class in 2001 to become licensed as a salesperson.
Cooperatives are a form of common interest ownership whereby the owner buys a share in a corporation.  The corporation owns everything: the buildings, the units, the land and all improvements on the land which could include garages, parking, pool and tennis courts.  When the shareholder purchases into a cooperative, he/she owns a share of the entire corporation which includes a living area that is solely for his/her use.
So, in essence, the person is ... more

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