Cooperative

Multi-Unit Living (Condos, Co-ops, & Time-Shares). A Cooperative (governed by Chapter 719, F.S.) looks like a condo, but legally, it is a corporation. When you "buy" a Co-op, you are not buying real estate. You are buying shares of stock in the corporation that owns the building. Because you own stock, the corporation gives you a Proprietary Lease. This is your ticket to live in your specific unit.Key Distinction: In a Condo, you have a Deed. In a Co-op, you have a Stock Certificate and a Lease.Property taxes are assessed against each individual unit, creating a lien only on that unit (so if your neighbor doesn't pay taxes, the government can't take your unit). The Payment: However, usually the Corporation receives the single massive tax bill for the building. The shareholders pay their share of the taxes as part of their monthly maintenance fees (pro rata share).