Cooperative apartment ownership is a form of multiple ownership in which a corporation or business trust entity holds title to a property and grants occupancy rights to shareholders by means of proprietary leases or similar arrangements. The individual owners receive proprietary leases which entitles each to take possesion of agreed to units. While the resident does not own the particular unit directly, by contract agreement they typically have an absolute right to occupy his unit for as long as they own the stock shares.
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