What will the Smiths receive at closing when they purchase a cooperative?

When the Smiths purchase a cooperative, they will receive a stock certificate. This is because a cooperative (or co-op) is structured as a corporation where the individual purchasers do not own their particular unit outright but instead own shares in the cooperative corporation. Each share corresponds to a unit in the building, and owning these shares allows them the right to occupy their specific unit. Therefore, the stock certificate acts as proof of their ownership interest in the cooperative.

In contrast, a deed is associated with traditional real estate ownership, indicating ownership of real property itself, which does not apply in this case. Equity shares could refer to various forms of investment in real property but are not typically how ownership is represented in a co-op. Additionally, a leasing agreement is not indicative of ownership but rather outlines the terms under which someone may occupy a property. The significant distinction in a cooperative purchase lies in receiving a stock certificate, representing their ownership stake in the cooperative.