Answers (1)
- Susan Isaacs, "susanisaacsre"
- Contributions:17
The reason for that may be that cooperative units aren't purchased with mortgage loans. Members don't own individual units, instead they own shares in a non-profit corporation which holds title to the property and grants proprietary leases to unit occupants. The lease grants permanent right to occupy the unit and to use the common elements of the property according to the cooperative bylaws, rules and regulations. The number of shares owned is dictated by the size of the unit. Until fairly recently, co-op buyers did not pay recordation fees. That changed on October 1 2009 when DC Bill 18-203 was amended. DC Recordation Tax is now collected at settlement so for changes in ownership of a Cooperative Unit after 2009 there are now transfer records.
Hope that helps!
Apartment in a coop doesn't show up on a map - only the Zestimate for entire building ($17m)
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