The Kingston

 When you purchase your home in the Kingston Cooperative, you are technically not buying real estate.  Instead, you are purchasing shares of stock in a legal entity, The Kingston Corporation, which owns the land, building and all common areas.  Your shares of stock entitle you to occupy a specific unit, as defined in the Occupancy Agreement you receive with your stock certificate.  So in the end, you own your own home - and, as an owner, you can sell your unit any time.

Cooperative ownership is popular in Oakland, Mt. Lebanon, Sewickley and other locations in the Pittsburgh area.  This form of ownership is also common in cities like, New York, Philadelphia and Chicago to name just a few. 

  Owners elect a Board of Directors from among the owners.  The board ensures that the cooperative is well maintained and run in accordance with the cooperative's bylaws, occupancy agreements and house rules. The board organizes a membership meeting at least annually, and arranges for staff to maintain the interior and exterior of the building.  A management company is retained to run the day-to-day business of the Cooperative.