What document describes the terms under which a cooperative permits changes to a unit?

The alteration agreement is the document that specifically outlines the terms under which a cooperative allows changes to a unit. This agreement typically includes the procedures that unit owners must follow, any necessary approvals required from the cooperative board, and the standards that must be adhered to for any alterations made within the unit. It serves to protect the structural integrity of the building, ensure compliance with zoning and building codes, and maintain the overall aesthetic of the cooperative.

In contrast, by-laws govern the overall operation of the cooperative and the rights and responsibilities of the shareholders but do not specifically address alterations. A lease agreement pertains to the rental of a property and typically involves the relationship between landlords and tenants rather than changes to ownership units in a cooperative. A maintenance agreement usually focuses on the services and responsibilities related to property upkeep rather than alterations to individual units. This distinction clarifies why the alteration agreement is the correct choice for outlining terms related to changes in a cooperative unit.