In a cooperative, what do members own?

In a cooperative, members own shares of stock in the corporation that manages the property. This structure means that when individuals purchase their unit within a cooperative, they are actually buying shares that grant them the right to occupy a specific unit, along with rights associated with the governance and maintenance of the property. Instead of owning the real estate directly, members collectively own the corporation that owns the real property. Consequently, the actual ownership is tied to their shares in the cooperative rather than individual deeds to real property, making this model distinct from condominium ownership or traditional homeownership. This fundamental understanding of ownership in cooperatives is essential for anyone involved in community association management.