Each unit is taxed individually and the owner can sell or encumber his own interest without affecting anyone else. There is an elected Homeowners' Association to make decisions which relate to the entire complex. The individual buys shares of stock in this corporation which give him the exclusive right to occupy a specific unit. The stockholder does not have a real property interest so it can be more difficult for an individual to finance or refinance his interest. Also, the property taxes are assessed on the whole development rather than the individual units which can be a problem if any of the owners do not pay their share.
Most cooperative associations have the right to approve or disapprove a prospective new shareholder.
Co-ops are a lot more common in other geographic areas than here and many people in Marin are unfamiliar with them. However, occasionally some do come up for sale. The opinions expressed are those of the authors and not Marin Homes Online nor the Marin Independent Journal. Back Use of this site signifies your agreement to the Terms of Service .