Final answer:
A co-op is a form of real property where individuals own shares in a corporation that owns the property. This grants them rights to use a specific unit and to enter into contracts under the corporation's rules, distinguishing it from personal property.
Step-by-step explanation:
A co-op, or cooperative, is a form of real property that is unique in the sense that it combines elements of ownership and membership.
When you buy into a co-op, you are purchasing shares in a corporation that owns the property, and those shares entitle you to a proprietary lease on a specific unit within the property.
Thus, you own an interest in the cooperation that owns the property, but you do not own the actual unit outright as you would in a typical real estate transaction.
Private property is defined as the "right to pass by permission, and subject to control, of owner" and includes the right to enter into contracts with other parties with your property.
Co-op owners have this right under the corporation's rules and agreements. This is different from personal property, which refers to individual possessions not permanently attached to or part of real estate.
Co-ops are also different from other employee-owned businesses, as they are designed to provide benefits to the members who use their services, whether they're consumer co-ops like Sam's Club, producer cooperatives like Land O'Lakes, or service cooperatives like Navy Federal.
Issues surrounding the use of private property for public good, such as eminent domain, remain a topic of debate. However, in the case of co-ops, the ownership and control lie in the hands of the cooperative members, who work together for their mutual benefit within the confines of private property law.