Final answer:
In co-op buildings, owners own shares of the cooperative corporation that owns the building and have the right to occupy a specific unit.
Step-by-step explanation:
In co-op buildings, owners actually own shares of the cooperative corporation that owns the building. These shares entitle them to occupy a specific unit within the building. So, instead of owning a specific apartment or unit, owners in co-op buildings own shares of the entire property.
As owners, they have the right to vote on important decisions regarding the building and its management. They also have the responsibility to pay monthly maintenance fees, which cover the costs of operating and maintaining the building.
It's important to note that owning shares in a co-op building is different from owning a condominium or a traditional single-family home. In a co-op building, owners have a say in the overall management and operation of the building, while in a condominium or single-family home, owners have more control over their individual units.