Property Ownership
In NC, a 'proprietary lease' in a cooperative (co-op) gives the shareholder the right to:
AOwn the individual unit outright
BOccupy a specific unit as a tenant of the cooperative corporation that owns the building✓ Correct
CSell shares of the corporation without restrictions
DModify common areas without board approval
Explanation
In a co-op, shareholders own stock in the cooperative corporation and receive a proprietary lease granting them the right to occupy a specific unit; they do not hold title to the unit directly.
Related North Carolina Property Ownership Questions
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