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Cooperative Financial Glossary

What is it? 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.

Finance Term Definition Added By: Sam

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