Which form uses a proprietary lease for units and occupant owners?

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In a co-operative, residents acquire shares in the building’s owning corporation and are granted a proprietary lease that gives them the right to occupy a specific unit. This lease is tied to the shareholder’s occupancy and is the primary mechanism for living in the unit, rather than having a deed to the unit itself. Condominiums, by contrast, involve owning a unit outright with a deed and sharing ownership of common areas through a condo association. Joint tenancy and tenancy in common are ways multiple people hold title to real estate, not lease arrangements for occupying a unit. So the form that uses a proprietary lease for units and occupant owners is a co-operative.