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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Cooperative

Phonetics: co·op·er·a·tive    \kō-'ä-p(ə)rə-tiv\

Function: noun

Definition 1:
A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.