Which property types are included under residential properties?

Residential properties encompass a range of property types primarily intended for housing. Single-family homes are the most straightforward example, as they are designed to accommodate one family. Cooperatives, or co-ops, also qualify as residential properties because they represent a living arrangement in which residents own shares in a corporation that owns the entire building, allowing them to occupy a specific unit.

Both single-family homes and cooperatives directly serve residential purposes, underlining their classification as residential properties. In contrast, the other options focus on property types that either fall outside of residential classifications, such as commercial, industrial, vacant land, and agricultural properties, which do not serve as primary housing units for families or individuals. Understanding these distinctions is crucial for accurately identifying types of properties involved in title insurance and related transactions.