A person lives in an apartment building owned by a corporation with one mortgage loan securing the property. What type of ownership does this represent?

The scenario describes a living situation where an individual resides in an apartment building owned by a corporation, with a single mortgage loan securing the entire property. This situation aligns with a cooperative ownership model.

In a cooperative, residents do not own their individual units outright. Instead, they own shares in a corporation that owns the property. The corporation takes care of the mortgage and the overall operations of the building, and residents pay monthly fees that cover maintenance and other expenses. This is distinct from condominiums and planned unit developments, where individual ownership of units is more direct, and from time-shares, which pertain to shared ownership of vacation properties for specific time periods.

Cooperative ownership fosters a community atmosphere as it typically involves collective decision-making about property management, making it unique in the realm of real estate ownership structures.