Reply by PAW on 2/24/10 7:11am
Msg #324032
Typically, members of a co-op do not own the real estate. The organization (co-operative) owns the property. The members are given "ownership deeds" which do not convey property ownership but show that the member owns a piece of the co-op, like a share in a company. These "deeds" are not issued by land management divisions of any government, but by the company that actually owns the property. Therefore, an "ownership deed" will not appear in the public land records. There are many advantages to belonging to a co-op, and one of them is the ability to control a piece of the company, same as a stockholder would.
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Reply by Kevin/Ct on 2/24/10 7:46am
Msg #324035
In some states the co-opters own stock in the corporation which holds title to the real estate, and are issued long term leases for the duration of time they hold the stock. It may be state specific, and you should check your state's statutory and common law requirements. I did a search of a co-op a while back, and searched both the title holder's freehold interest (deed) and the co-opters leashold interests. It is a very time consuming search...charge accordingly.
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