In cooperative ownership, what do owners typically receive instead of a deed?

In cooperative ownership, individuals do not own their units in the traditional sense. Instead, they own shares in a corporation that owns the entire property. Because of this unique structure, owners receive a proprietary lease rather than a deed for their specific units.

The proprietary lease grants the owner the right to occupy a particular unit in the cooperative, outlining the terms and conditions of that occupancy. This lease is tied to their ownership of shares in the cooperative corporation, effectively giving them rights to use the unit while maintaining the legal framework of share ownership rather than individual property deeds.

This system allows for collective management of the property, and the proprietary lease serves as a mechanism to establish the relationship between the cooperative and the individual owners, solidifying their rights within the cooperative structure.