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REAL ESTATE?
Q.
We recently purchased a share in a stock cooperative. Do we own
real estate?
A.
A stock cooperative is a common interest development in which a
corporation holds title to the real property and improvements and
all of the shareholders receive a right to exclusively occupy a
portion of the real property.
The interest of an owner
in a stock cooperative, whether evidenced by a membership certificate
or share of stock, is an interest in real property. Top
OBTAINING
FINANCING
Q.
We have a membership in a stock coop and are having great difficulty
in refinancing our apartment. Are Banks and Savings and Loan Associations
permitted to make loans on coops?
A.
Yes. They are authorized to do so, but most will not make such loans.
Comparable condominiums are worth substantially more money and are
easier to sell. Consequently, lenders prefer condominiums to coops. Top
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