What are units in a cooperative association referred to as?

In a cooperative association, the units are referred to as cooperative parcels. This terminology is used because in a cooperative structure, the residents do not own their individual living units as separate real estate assets. Instead, they own shares in the cooperative corporation, which gives them the right to occupy a specific parcel within the property. This parcel represents their share of ownership in the entire cooperative and is tied to the cooperative's rules and governing documents.

The other terms related to residential properties refer to different ownership structures. For instance, common shares generally align more with the ownership model of a cooperative but do not specifically denote the residential unit aspect. Condominium units refer to separate ownership in a condo association where each unit is an individually owned property, which contrasts with the cooperative model. Individually owned properties denote traditional ownership where each unit or house is owned outright by an individual, further distinguishing them from the cooperative arrangement.