EXERCISE 3.4 Common Interest Developments

Title to a cooperative property is held by a corporation, not by the residents.

Any feature that’s designed to serve a single condo unit, but is outside that unit’s boundaries, such as a deck or a balcony, is called a limited common element.

The owner of a cooperative apartment receives a deed, a separate property tax statement, and an individual mortgage that is a lien against her interest, but not against the cooperative.

A sidewalk on condominium property would be called a common element, and it would be owned by all of the residents as tenants in common.

A planned unit development is made up of single-family homes on small parcels, plus common areas (such as open space and recreational facilities).

In a timeshare estate, the owner does not have an equity interest in the property, only the right to use the property during a certain time period.