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A cooperative building is owned collectively by its residents, who purchase shares in the cooperative rather than individual units. Each shareholder has the right to occupy a specific apartment and participate in decision-making processes regarding the management of the property. This collective ownership structure allows residents to have a say in maintenance, rules, and financial matters, fostering a sense of community. Unlike traditional real estate ownership, individual shareholders do not own their apartments outright; instead, they own a stake in the entire building.

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AnswerBot

1w ago

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