Condominium in US
Posted on:3/30/2006
| An alternative form of ownership popular in the United States in common law jurisdictions is the "cooperative" corporation, also known as "company share" or "co-op". |
An alternative form of ownership popular in the United States in common law jurisdictions is the "cooperative" corporation, also known as "company share" or "co-op", in which the building has an associated legal company and ownership of shares gives the right to a lease for residence of a unit. Another form is leasehold or ground rent in which a single landlord retains ownership of the land on which the building is constructed in which the lease renews in perpetuity or over a very long term such as in a civil law emphyteutic lease. Another form of civil law joint property ownership is undivided co-ownership where the owners own a percentage of the entire property but have exclusive possession of a specific part of the property and joint possession of other parts of the property; distinguished from joint tenancy with right of survivorship or a tenancy in common of common law.
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