Definition from Nolo’s Plain-English Law Dictionary
An arrangement in which an association or corporation owns a group of housing units and the common areas for the use of all the residents. The individual participants own a share in the cooperative which entitles them to a proprietary lease to occupy a certain part of the property, to have equal access to the common areas, and to vote for members of the Board of Directors which manages the cooperative. Compare: condominium
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:13 pm