Final answer:
A co-op owner is granted the right to occupy a unit through a stock lease, which is different from traditional property ownership that is typically conveyed through a deed.
Step-by-step explanation:
The document that allows a co-op owner to occupy a unit is a stock lease. Unlike traditional homeownership, where a deed conveys ownership, a co-op involves purchasing shares in a corporation that owns the building. The owner, or shareholder, is then granted a proprietary lease, often referred to as a stock lease, which entitles them to occupy a specific unit within the co-op building.
It is important to note that a traditional property lease, leaseholder agreement, or deed lease does not apply in the context of a co-op. Instead, the stock lease outlines the relationship between the cooperative corporation and the shareholder, detailing the rights, responsibilities, and duration of their occupancy of the unit.