Cooperative

A building or development of two or more units in which the right to occupy a unit is obtained by the purchase of stock in the corporation which owns the building. The "owner" owns a share in the corporation, not the actual house or apartment. The "owner" does not have a deed. The "owner" may have taken a loan to purchase the stock, but will not have a mortgage on the unit. The mortgage, if any, covers the entire building or development and is an obligation of the corporation, not the individual "owner."