“Cooperative” means a form of coownership of real estate in which:
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Terms Used In Utah Code 57-23-2
Cooperative: means a form of coownership of real estate in which:
(a)
the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity;
(b)
an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and
(c)
the participating individual's right of occupancy is demonstrated by a proprietary lease or similar instrument. See Utah Code 57-23-2
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 57-23-2
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
real estate: means any right, title, estate, or interest in land, including all nonextracted minerals located in, on, or under the land, all buildings, fixtures and improvements on the land, and all water rights, rights-of-way, easements, rents, issues, profits, income, tenements, hereditaments, possessory rights, claims, including mining claims, privileges, and appurtenances belonging to, used, or enjoyed with the land or any part of the land. See Utah Code 57-1-1
(a)
the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity;
(b)
an individual’s interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and
(c)
the participating individual’s right of occupancy is demonstrated by a proprietary lease or similar instrument.
(2)
“Division” means the Division of Real Estate of the Department of Commerce.
