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Very simply put, shares represent portions of stock in a corporation.This distinction is what sets a co-op apart from its real estate cousin, the condo.“In a condo, you actually own the real estate,” Schmidt says. You physically own the box you bought.” While condo owners receive four walls and a roof, co-op shareholders receive actual certificates of stock, although they may only catch a brief glimpse of them at closing.“You own a percentage of the underlying building, and a portion of the common elements. “The bank holds the certificate, and the owner does not see it again until he or she pays off the security agreement,” says attorney Robert Tierman of the Manhattan-based law firm Litwin & Tierman.“You have to prove that the relative values are valid,” Tierman says.And it’s important that the values are fair when it comes to comparisons of property.
Proportionally, the number of unit shares would most likely remain the same.
Condos and co-ops both have to file their organizational documents with the attorney general.
Those documents will outline the initial number of shares and the initial amount of space offered in the plan.
in Bronxville, the dollar value of a share in a co-op is determined by the complex’s mortgage balance divided by the total number of building shares.
That figure is then multiplied by the individual unit shares.