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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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Cooperative (Co-op)

A property type of "Cooperative" indicates that the building has an associated legal entity or company in which ownership of shares allows an individual the rights to a lease for residence of a unit in the building. The resident of a co-op does not own his unit; however, the resident does have the legal right to occupy the residence for as long as the individual owns the stock. A cooperative is also known as a "company share".

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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.