Housing cooperatives are an official association or corporation that owns real estate in one or more residential buildings. Co-ops are different from condominiums, in where each unit is independently owned and the cooperative body owns the common areas of the structure, a co-operative is owned in association by shareholders. When you own shares in a co-op you own the property communally, no one individual owns a set unit.
You might occupy, by right, one housing unit. When you live in a co-op unit you will be subject to an occupancy agreement, not unlike a lease contract. The agreement will state that, members have right to occupancy of a specific unit within the cooperative structure. The occupancy agreement will contain the specifics on the co-op's regulations and rights available to you as a shareholder.
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