COOPERATIVE

Members are shareholders in a corporation that owns the property which entitles them to occupy a unit

Most often a blanket mortgage finances the entire project including units and common elements

Based on the non-profit operation of entire community, members pay their share of operating costs, insurance, property taxes and mortgage

Members elect their own board of directors which decides policy matters and establishes several committees of members to help run community

Members get one vote per share regardless of unit size or share value

RENTAL

Tenants own nothing

Outside owners hold mortgage

Tenants pay rent specified in lease

Outside owners decide policies

N/A

SINGLE FAMILY

Owners acquire individual title to their dwellings and yard

Individuals hold their own mortgages

Owner pays total purchase price; makes mortgage and tax payments to lender

Owners have no jurisdiction over their neighborhood

N/A

CONDOMINIUM

Owners hold a title to a unit along with an undivided interest in the project's common elements

Individuals hold their own mortgages

Owner pays total purchase price; makes mortgage and tax payments to lender plus pays association fee for exterior maintenance

Homeowners' association handles common elements; owners maintain control of their own unit

Formulas vary from one unit one vote to votes that are determined by unit size

RETIREMENT COMMNITY

Ownership is typically a 501c3 not-for-profit company or one managed by a third-party management company

Entrance fees are paid in cash

Varies according to type/size of unit and services provided

N/A

N/A