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GLOSSARY: Enter search term:
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Glossary Term: COOPERATIVE

Definition(s) for COOPERATIVE:


1. ) refers to an organization owned by its members. Examples are agriculture cooperatives that assist farmers in selling their products more efficiently and apartment buildings owned by the residents who have full control of the property.

2. ) A form of housing in which residents form a corporation for the purpose of owning and managing the property collectively Membership in the cooperative gives them the right to occupy a unit and take part in the management and operation of the building Residents own shares in the corporation proportional to their share of the mortgage, rather than owning individual units If a resident leaves, the new resident purchases those shares and assumes responsibility for part of the mortgage


See Also:
COOPERATIVE (COOP), COOPERATIVE LOAN, COOPERATIVE PROPERTY, COOPERATIVE CORPORATION


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