Question:
I am having difficulty understanding the difference and which Forms to use.
Answer:
Co-Operative – the Corporation owns the real estate, you are just a shareholder
Co-ownership – you actually own a percentage interest and you are on title
For a Co-Operative use Form 102
For a Co-ownership use Form 115
Kindly note, that even if you are “on title” in a co-ownership arrangement, if the property is large enough, you might have a Property Manager looking after maintenance. That’s the role of the “corporation” in that case.
For a Co-Operative – you are buying shares
For a Co-ownership – you are buying real property
Brian Madigan LL.B., Broker