Co-op Building Basics
A housing cooperative is a legal entity—usually a corporation—that owns real estate, consisting of one or more residential buildings. (This is one type of housing tenure.) Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease. The occupancy agreement specifies the co-op’s rules. Cooperative is also used to describe a non-share capital co-op model in which fee-paying members obtain the right to occupy a bedroom and share the communal resources of a house that is owned by a cooperative organization.