A cooperative or co-op is a form of shared property ownership. Unlike condominiums, there is no individual unit ownership; the entire property is owned by the cooperative, usually a corporation. Individual "apartment owners" get shares of stock in the corporation and long term leases for the exclusive use of a specific unit or apartment.

Cooperatives are managed by an Association or by a Board of Directors, elected by the shareholders. The Board sets the bylaws of the cooperative as well as "house rules". The bylaws and "house rules" govern the management of the property and the conduct of the shareholders.

• For example, the Board can:
  
  • Prohibit a shareholder from altering a unit (knocking down walls, etc.) without Board approval;
    
  • Prohibit a shareholder from selling a unit to a buyer without Board approval;
    
  • Prohibit or limit certain conduct such as subletting an apartment unit, having pets, etc.
    

• The transfer of the lease and shares of stock must be recorded with the county clerk.