What is a key characteristic of cooperative ownership?

A key characteristic of cooperative ownership is that ownership is managed by a single corporation. In a cooperative arrangement, residents own shares in the corporation that owns the property, rather than holding individual titles to specific units. This means that members have a vested interest in the overall management and operations of the building, as the corporation is responsible for maintenance, rules, and any financial decisions regarding the property.

Unlike traditional real estate ownership where units might be owned individually in fee simple with separate titles, cooperative ownership emphasizes collective management and responsibilities. This structure creates a community-oriented atmosphere where the residents work together for the benefit of all, but it also means that decisions must be made collectively through the cooperative's governing body. The concept of common areas also exists within cooperatives, as they usually share amenities and spaces, contrasting with the idea of "no common areas."