Types of Ownership
There are two types of ownership, or "separate interest."
Condominium: the “separate interest” is commonly referred to as the air space of the condominium or single family home. Each member owns an undivided interest of the real property. Owners are issued a grant deed at the close of escrow.
Stock Cooperative: the “separate interest” is the exclusive right to occupy a portion of the real property, as specified in the subdivision, title to which is held by the corporation. Owners of stock-cooperatives are issued a stock certificate at the close of escrow.
