What Is A Co-op?
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. Orange Harbor is governed by Chapter 719 of the Florida statutes.
When purchasing a share in a cooperative such as Orange Harbor, 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.
Current share prices at Orange Harbor range from $70,875 for an interior lot to $129,150 for a waterfront lot. There are a number of different styles of lots, including corner, canal or river, and share prices that correspond to the lot. When the share is already attached to the home, it is real property. There are also homes where the share has not be purchased. A buyer can purchase the home and then purchase the share for the lot at a later date if desired. For more information about home and share sales, email firstname.lastname@example.org.
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 Orange Harbor.
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.