an arrangement in which an association or corporation owns a group of housing units
and the common areas for the use of all the residents. The individual participants
own a share in the cooperative which entitles them to occupy an apartment (or town
house) as if they were owners, to have equal access to the common areas and to vote
for members of the board of directors which manages the cooperative. A cooperative
differs from a condominium project in that the owners of the condominium units actually
own their airspace and a percentage interest in the common area. In a cooperative
there are often restrictions on transfer of shares such as giving priority to other
members, limits on income or maximum sales price.
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