How is a co-op different from a condo?

A condo is a private residence in a multiunit structure that includes ownership of commonly used property. A co-op owner has an interest or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owner owns a unit, a co-op owner does not own the unit.

Is a co-op a leasehold?

A leasehold cooperative leases the property from an investor, some- times with an option to buy. Cooperative members operate the property as a cooperative, but do not own the cooperative.

What is condo unit?

A condominium, called “condo” for short, is a privately-owned individual unit within a community of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators and outside hallways and gyms, to name a few. “Condominiums are often referred to as a ‘common interest development. ‘”

Are there resident shareholders of a cooperative in New York?

Cooperatives and resident shareholders in New York recently had an important win in the appellate court for Manhattan.

Who is a resident shareholder of a Canadian corporation?

Resident Shareholder means a Shareholder who, for purposes of the Tax Act and any applicable income tax treaty, at all relevant times, is or is deemed to be resident in Canada. Resident Shareholder means any shareholder of an S corporation who is not a nonresident shareholder.

How are housing cooperatives different from other types of ownership?

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.

Who is the holder of unsold shares in a coop?

A “holder of unsold shares” is typically defined in a cooperative’s governing documents to include both the sponsor plus any person who buys shares allocated to a particular apartment directly from the sponsor and who has not lived in the apartment.

Cooperatives and resident shareholders in New York recently had an important win in the appellate court for Manhattan.

How are cooperative shareholders treated when they sell their home?

By act of Congress, cooperative shareholders are treated the same as single family homeowners when they sell. If your cooperative has been your primary residence for two of the five years prior to selling, the first $250,000 ($500,000 if the owner is married) of gain is excluded from federal income tax.

A “holder of unsold shares” is typically defined in a cooperative’s governing documents to include both the sponsor plus any person who buys shares allocated to a particular apartment directly from the sponsor and who has not lived in the apartment.

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.