A cooperative, or co-op, is a type of corporate ownership of real property where stockholders of the corporation are entitled to use certain dwelling units or other spaces. Special income tax laws allow tenant stockholders to deduct their share of interest and property taxes paid by the corporation.
Tenancy in Severalty refers to the ownership of property by a single individual or legal entity. This format of ownership allows the owner full control without the need to collaborate with co-owners or partners.
