Most buyers understand the ownership that comes with purchasing a condominium; however, many people are unfamiliar with purchasing in a cooperative, which is the form of ownership for Americana Cove.
According to Attorney Peter Dunbar, co-author of the "Resident Owned Community Guide for Florida Cooperatives," the concept of shared ownership of real property in Florida began in 1963 when the Florida Legislature passed a bill that allowed the creation of condominiums and cooperatives.
In 1976, the Florida Legislature created two separate statutes to govern the popular forms of shared ownership: Chapter 718 governs condominiums and Chapter 719 governs cooperatives. Americana Cove is governed by Chapter 719 of the Florida statutes.
When purchasing a share in a cooperative such as Americana Cove, you are receiving two types of ownership: You have ownership in the co-op that owns the entire community and you own a specific share representing the lot under your home. The share is viewed the same as a deed by the state. Yes, you will own real property.
"Instead of having common walls like with a condo, buyers have a home and share for the land under the home," explains Marty Pozgay, broker/dealer of Barefoot Realty Group. "Many buyers enjoy the additional privacy and space that they get when purchasing a home and share in a manufactured home cooperative."