In a cooperative, what does the owner actually own?

In a cooperative, the owner does not own the property itself but rather owns shares in the corporation that owns the property. This ownership structure means that instead of holding title to a specific unit, the resident has a proprietary interest in the cooperative and the right to occupy a specific unit through a lease agreement with the cooperative.

This system allows individuals to collectively own and manage the property through the cooperative corporation. The shares represent their proportional interest in the cooperative's assets and their rights to use certain common areas. The governing documents of the cooperative outline the responsibilities of the shareholders, including maintenance and operational rules. Thus, owning shares in the corporation is the correct answer as it encapsulates the essence of cooperative living whereby individuals participate in collective ownership and governance.