In cooperative ownership, how do individuals acquire units in a building?

In cooperative ownership, individuals acquire units in a building by buying shares of stock in a non-profit corporation. This model operates on the principle that the cooperative owns the entire building, and each shareholder is granted the right to occupy a specific unit within that building, typically outlined in a proprietary lease.

This system allows residents to collectively manage and operate the property as a single entity. By purchasing shares, individuals become part owners of the corporation that owns the building, which ties their ownership interest directly to the overall management and financial performance of the cooperative. This is distinct from other ownership forms where individuals might have direct ownership of a specific unit or property. In cooperative ownership, the focus is on shared ownership rather than individual ownership of real estate titles.