Give an account of concurrent ownerships in a multiple-dwelling building
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Condominiums and cooperatives are two types of concurrent ownerships in a multiple-dwelling building.
Condominiums are a common form of ownership in multiple-dwelling buildings. Purchasers of a condominium 1. have title to their individual units and 2. own the common areas (e.g., hallways, elevators, parking areas, recreational facilities) as tenants in common with the other owners. Owners may sell or mortgage their units without the permission of the other owners. Owners are assessed monthly fees for the maintenance of common areas. In addition to being used for dwelling units, the condominium form of ownership is often used for office buildings, boat docks, and such.
A cooperative is a form of co-ownership of a multiple-dwelling building in which a corporation owns the building, and the residents own shares in the corporation. Each cooperative owner leases a unit in the building from the corporation under a renewable, long-term, proprietary lease. Usually, cooperative owners may not sell their shares or sublease their units without the approval of the other owners.
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