Unconventional ownership
In a market awash with cookie-cutter condominiums, a small number of older apartments offer a unique ownership experience - but it's not for everyone.
Although the majority of condos in Victoria are strata titled, there are a number of alternatives located in older neighbourhoods that cling to unconventional ownership models.
Strata title is the most common form of condominium ownership because people own real estate - the individual apartment that they purchase. They also hold an undivided interest in the common elements of the building, such as the walls, roof and grounds.
But in a co-op, people buy an interest (in the form of shares) in the co-operative housing organization that owns the land and the buildings. The shares in the corporation entitle them to use one of the suites within the building. Members of the co-op do not own any asset besides the shares.
Another form of ownership
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