How does owning a cooperative differ from owning a condominium?

Owning a cooperative differs from owning a condominium primarily in the way ownership is structured. In a cooperative, residents do not own their individual units; instead, they own shares in a corporation that owns the entire building or complex. When individuals purchase a share in a cooperative, they acquire the right to occupy a specific unit, but this share represents a collective ownership of the whole property rather than ownership of a specific piece of real estate.

This model contrasts sharply with condominium ownership, where individuals own their individual units outright, along with a percentage of common areas. In a condo, the ownership title reflects direct ownership, which includes both the interior space of the unit and a shared interest in the surrounding property.

Therefore, the unique aspect of cooperative ownership is the share system, which emphasizes collective ownership rather than individual unit ownership, making it the correct answer in distinguishing cooperatives from condominiums.