Question

When you lease your apartment from a nonprofit corporation that owns the building and you own a share of the nonprofit corporation, you own a: Group of answer choices single-family home. cooperative apartment. condominium. row house. mobile home.

Answer 1

Cooperative apartment

Step-by-step explanation:

Cooperative

This is simply refered to as a housing ( dwelling) unit that is said to be owned by a corporation whereby owners of these dwelling units owns stock that is equal commensurate) with the value of his or her apartment when compared to the value of the building as a whole. The stockholder therefore has a proprietary lease to the apartment.

Key documents in a cooperative sale/purchase:they includes;

1) Contract of sale: Buyer, seller, purchase price, financial requirements and also subject to approval

2) Offering plan: this contains all the key information that is required to be disclosed about the cooperative or the condo.

3) Amendments to the offering plan etc.