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What is a co-op apartment?
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A co-op, short for “cooperative,” is a housing arrangement where you don't actually own the property. Instead, you own shares of a corporation, which in turn owns all of the property in the cooperative
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Housing cooperatives are a contract between you and the corporation that owns or leases the property which entitles you to live there. This is not real property, as it is not owned outright like a condominium. It does not generate passive income because tenants must be approved by the board
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