Real estate cooperative exploitation is popular in market. In practice, the companies which join the exploitation have no restriction and there are many illegal phencrnena which increase the difficulty in resolving the contracts. Examining the effect of the contracts needs to analyze the type and lawful characteristics of cooperative exploitation and needs to distinguish illegal transferring the rights of land, illegal pre - sale of houses and illegal financing. The cooperative exploitation needs exploitation capital of a company. The companies which have no capital should have exploitation approval. In the cooperative exploitation, the monitoring management should be improved and the legal position of the comapanies which have no capital is favorable to prevent the companies which have capital from hurtin their interests if their names are listed in land use, plan, and other approval procedures.