Yes, you own shares of the corporation with exclusive rights to the unit. They are passed on in the same manner as if it were a condominium. It is good to work with a broker who understands co-ops. Though you live in it the same as a condominium, there are many differences. Let me know if you need help with a purchase.
Columbia Real Estate Group
I am not by any means a coop expert but your question caught my attention because of a situation I was in a while ago today. One of my fellow agent in my office will soon be listing a co-op in the U-district so we got to talking about it in our morning meeting today.
From what I understand they can be fairly good investments though can be pain to sometimes sell or even purchase...however, I think if you are careful and willing to work hard to get your place they can still be relatively safe investments. You may not see the appreciation on your end as you would expect when owning your own place...but it sounds like that isn't your main concern. She did say that the comparable co-ops in her area have been going fine so she seems confident in it.
Sorry that I am not more of an expert at this. I just had to post though because of the conversation this morning. I am going to try to learn a little more in the coming week or so...maybe you should ask this question again next week so that I can sound like more of an expert. =)
Good luck...let me know if I can be of more help!... more