In which property type does an owner have a percentage ownership in common elements in addition to their individual unit?

In a condominium, the ownership structure is distinctive as it combines both private and shared elements. The owner holds title to their individual unit, which includes the space within the walls of the unit itself. Additionally, they possess a percentage ownership interest in the common elements of the condominium, such as hallways, pools, gyms, and other shared amenities. This shared ownership is reflected in the governing documents of the condominium association, which outlines the rights and responsibilities of unit owners regarding the common areas.

In contrast, a cooperative involves ownership through shares in a corporation rather than direct ownership of a unit, while single-family homes and townhouses typically involve ownership of the entire property without shared elements outside of possibly shared community amenities, which do not reflect a percentage ownership stake. Therefore, understanding the structure of condominium ownership is crucial in recognizing the rights of owners concerning common areas and amenities.