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Co-op building owned risk

Started by Axxel
about 12 years ago
Posts: 16
Member since: Mar 2014
Discussion about
We're looking at a sponsor owned unit. I'm having trouble wrapping my head around how this works. The agent says their is an owner(individual) of the entire bldg, not just the unit, and he is not part of the co-op board. This sounds so similar to a land leased bldg. While the bldg is not being leased, doesn't the owner have free will with what's done with it? Can he control the maintenance or take back the bldg if he wanted?
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