Cooperative apartment – ​​what is it and who can get it?

A cooperative apartment is one of the forms of real estate available on the market. People who cannot afford a mortgage and who earn too much to get a social apartment can live in a cooperative apartment. However, you must first meet several conditions to be able to use such an apartment.

What is a cooperative apartment?

A cooperative apartment belongs to a housing cooperative. This means that the tenant does not have ownership rights to the apartment, but he does a lease agreement that entitles him to live in a given premises. Based on the document, the person becomes responsible for a given apartment, gaining rights and obligations resulting from this.

However, the regulations allow a tenant to acquire ownership rights – for this purpose, he or she must purchase shares from the cooperative. First, he should submit an application to the cooperative for the transformation of ownership rights. The cooperative has no right to refuse or charge a fee for submitting an application.

How does a cooperative apartment differ from a municipal apartment?

A cooperative apartment belongs to a housing cooperative. This means that the person who lives in such a premises is not its owner, but the main tenant who gains the rights to manage the premises. If the tenant does not debt the premises, pays the dues on time, takes care of the apartment, he can use it properly as if he were the owner, e.g. by renting it.

A municipal flat is a premises that we obtain from the commune. It is due to people who meet the income criteria in a given city or region, and the main condition is a relatively low income and a financial situation that does not allow the purchase of a property.

A cooperative apartment is subject to inheritance

A cooperative apartment is subject to inheritance. If the main tenant dies, the right to the premises passes to the family members who lived with him or to his children.