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co-op |
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Co-Op A business or other organization owned by the persons who work there. For example, a grocery store may be owned by its employees. Co-ops trace their origins to 19th-century Britain. They were organized as a rejection of the charity model of welfare and to encourage cooperation between workers and owners. Cooperative (co-op). A co-op is a corporation that owns a particular residential property. The shareholders are the tenants who, instead of owning an individual unit, own shares in the corporation, which gives them the right to live in that unit. co-op (1) Short for cooperative apartment, being a method of owning real estate in which a corporation owns a building and related facilities and persons who buy stock in the building are entitled to rent a particular unit, called a proprietary lease, at rates significantly below market rents. (2) An arrangement between two real estate agents for the sale of a property and splitting of the commission, usually as a result of one agent having the listing with the owner and another agent bringing the buyer to the closing table. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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