ESL Vocabulary and Idioms

Re: Please, who is in US "co-op board" ???

JCDenton — Tue, 13 May 2008 06:46:36 GMT

Interesting, thx.

Re: Please, who is in US "co-op board" ???

Grammar Geek — Mon, 12 May 2008 23:08:23 GMT

Yes, it's owned by the people who own the apartments/condos in the building in the first place.

Let's say that there are 12 apartments, and six of them cost $2 million and $1 of them cost $1 million, so that's $18 million of value. Depending on the rules of incorporation, it could be that the people who own the $1 million apartments have a 1/18 share in the entire complex. Let's say that of the 12 apartments, they have 5 people on the co-op board. They will elect those people from among themselves. It will depend on what rules they set up when they created the co-op.

Re: Please, who is in US "co-op board" ???

JCDenton — Mon, 12 May 2008 21:43:55 GMT

Thanks GG for help! I must confess myself that I just skimmed that article at first time.. and I got the wrong impression about the right meaning...I apologize for it...

Ok, I read the entire article, but I'm still confused about the one thing. Who can be the owner of that building? Is that the reality company or is the building mostly owned by the tenants? And they elects between themselfs the group of people, which will serves on co-op board?

thank you again for help.

Re: Please, who is in US "co-op board" ???

Grammar Geek — Mon, 12 May 2008 21:09:16 GMT

JC, I actually think this article does a very good job of explaining what a co-op is. You need to read the entire article.

A co-op is a special type of real estate situation - the other owners in the building elect people from among themselves to serve on the co-op board. It is not ONE person; it is a group of people. They will determine whether someone is allowed to purchase a condo that is for sale.

You don't RENT when you're in a co-op. You buy. The co-op board will not collect your payments - that goes to your bank.

Please read the entire article and ask about things that confuse you.

EDIT: You will not be able to find a synonym. It's a very specific situation and there are not other words that mean the same thing.

Please, who is in US "co-op board" ???

JCDenton — Mon, 12 May 2008 20:56:06 GMT

Hi my EF friends,

Please, I'm looking for the synonym and the meaning of the word "co-op board" ? Truth be told, I have no idea, what does this person do, anyway according to this article from NY times:

http://www.nytimes.com/2007/02/18/realestate/18home.html?ex=1329368400&en=558f1561b204de33&ei=5124&partner=permalink&exprod=permalink

I would bet, that you're paying your month rent to this person. right? Can you please confirm it and describe me other duties of this guy....

many thanks in advance...

regards

JCD