The residents are shareholders in a corporation that owns the property. Owning a share entitles you to occupy a unit. Tenants own nothing. On expiration of lease, tenants may be forced to vacate. Owners acquire individual title to their dwellings and yard.
Tenants pay rent specified in lease.
Owner must make his or her purchases of whatever is needed, often at higher retail costs. Owner makes mortgage and tax payments to lender. Same as cooperative, except mortgage payments and taxes are paid directly to the lender. Move-in Cost New members buy their share in the cooperative and also pay the first monthly charge in advance. Usually one month's rent is paid as a security deposit, plus the first month's rent.