Form ROD34 Economic Interest Deed - Cooperative Only - Washington, D.C.

What Is Form ROD34?

This is a legal form that was released by the Washington DC Office of Tax and Revenue - a government authority operating within Washington, D.C.. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is an economic interest deed?A: An economic interest deed is a legal document that transfers an individual's interest or share in a cooperative housing corporation.

Q: What is a cooperative ownership in real estate?A: Cooperative ownership refers to a housing arrangement where residents own shares in a corporation that owns and manages the entire property. Instead of individual ownership, residents hold shares and have a right to occupy a particular unit.

Q: How does cooperative ownership work?A: In a cooperative, shareholders own shares in a corporation that owns the property. Each shareholder has the right to occupy a specific unit but does not have direct ownership of the unit itself. Shareholders pay monthly fees to cover expenses and maintenance costs.

Q: Why would someone choose cooperative ownership?A: Some people choose cooperative ownership for various reasons, including affordability, community living, and shared decision-making. Cooperative owners also benefit from not having to worry about property maintenance and repairs directly.

Q: What is the role of an economic interest deed in cooperative ownership?A: An economic interest deed is used to transfer or convey an individual's interest or ownership in a cooperative. It helps document the transfer of shares from one party to another.

Q: Are cooperative ownership and condominium ownership the same?A: No, cooperative ownership and condominium ownership are different. In a condominium, individuals own their units and have a share in common areas, while in a cooperative, individuals own shares in a corporation that owns the entire property.