What is the difference between a co-op member's occupancy rights and actually owning real estate?

A co-op member's occupancy rights come from their membership and occupancy agreement with the co-op corporation, which entitles them to live in a specific unit as long as they remain a member in good standing and follow the co-op's rules. This is fundamentally different from owning real estate, where an owner holds legal title registered on the property itself, giving them the right to sell, mortgage, renovate, or leave the property to their estate largely as they choose, subject to normal legal restrictions.

A co-op member has none of those ownership powers over the underlying real estate: they can't sell their unit on the open market, can't independently mortgage it, and generally can't pass the unit itself on to an heir the way they could a house, because the co-op corporation, not the member, owns the building. What the member has instead is a secure right to occupy their home as long as they meet their obligations, plus a voice in how the co-op is run as a member of the organization. For someone weighing co-op housing against buying, this distinction — security of occupancy without an ownership stake in the property's value — is the key thing to understand upfront.