Your Share Purchase
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After you select a unit, you will actually be purchasing a share in the cooperative based on the value of that unit. The cooperative has an underlying mortgage for the entire property. Each unit is assessed a share of that mortgage based on the square footage of the unit. The purchaser has no lending or closing costs!
Your share also is your opportunity as an owner to participate in the governing of the co-op by your vote. |
Likewise, each unit is assigned a proportionate part of the budgeted expenses based on the square footage of the unit (see Costs & Fees). These expenses are in your monthly payments.
Advantages
You maintain all the advantages of homeownership, taxes, insurance, appreciation etc. Because you own a part of everything, there is no middle party to pay. |
