Tenant-owner's association
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Tenant-owner's association (Swedish: Bostadsrättsförening) is a legal term used in Nordic countries (Sweden, Finland and Norway) for a type of joint ownership of property in which the whole property is commonly owned by all members by each having an individual "stake". The requirement to be a member is that you have a tenant-ownership, which represents the apartment, and in most cases that you live permanently at the address. There are some legal differences between the countries, mainly in the ownership condition. In the case in Sweden, you are formally renting the apartment from the association without limitation in time (in opposite to a normal renting with limitation in time.)
The very first apartment transaction between owner and association, i.e. "the grant", is paid using the stake cost. Later transactions are termed "make overs" and their amounts are defined by marked conditions. There is therefore a risk of losing the whole or a part of one's stake capital, although it is uncommon.
Tenant-owner's associations were etablished during the 19th century and were originally a United Kingdom-based concept (Building Societies). However, the investment cost is often very high, normally much higher than the original stake price, and requires a bank-loan or other capital resources.
Compare North American legal term Condominium. sv:Bostadsrättsförening