A contract unique to cooperative housing, it grants a shareholder the right to occupy a specific unit within the cooperative building. This agreement outlines the terms and conditions of occupancy, including the shareholder’s rights and responsibilities, along with the cooperative’s regulations. For example, it will specify the monthly maintenance fees, restrictions on alterations to the unit, and rules regarding subletting.
The significance of this document lies in securing a resident’s housing within the cooperative structure. It provides long-term security of tenure, akin to ownership, while establishing a framework for shared responsibility and community governance. Historically, it emerged as a mechanism to facilitate communal ownership and management of housing, offering a blend of individual residency rights and collective control.
