Co-op Apartments
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Co-ops have unique backgrounds, just like their shareholdersCo-op BoardsShareholdersManaging Agent

     Many New York City residents own cooperative apartments, or "Co-ops."  This unique form of home ownership constitutes a rather unique living arranagement.
     When you buy a Co-op, you become a shareholder in a corporation.  Unlike a condominium or a house, you do not own real property.  Instead, you own shares of stock and a proprietary lease allocated to your apartment.  Because they do not own the building, shareholders have a landlord-tenant relationship with their Co-op.
     Shareholders can receive a tax deduction for Co-op mortgages they may have, in additional to a tax deduction based upon the percentage of their monthly maintenance charges which are used to pay off any underlying mortgage held by the Co-op.
     Like any corporation, Co-opīs are run by a Board of directors elected by the shareholders, along with the assistance of a managing agent.  Shareholders may be subject to special restrictions imposed at the Co-op Boardīs business discretion (e.g., subletting, carpeting their floors).  These rules and regulations, however, must not violate any existing rights under state or federal law.   

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