In a condominium, what type of ownership do residents have?

In a condominium, residents have ownership of their individual living units only. This means that each resident holds a title to their specific unit and has the right to make alterations or improvements within that space, as governed by the condominium's governing documents. In addition to ownership of the unit, residents also typically share ownership of common areas, such as hallways, pools, and recreational facilities, along with the land on which the condominium is built. However, the key point of condominium ownership is that it is separate from full ownership of the entire property.

This structure allows for a community living arrangement where residents can enjoy their private spaces while also having access to shared amenities. It also means that the residents collectively manage the property through a homeowners' association, which is responsible for maintaining the common areas and enforcing the rules governing the community. Understanding condominium ownership is crucial for anyone looking to buy or sell such properties, as it affects both individual rights and responsibilities within the community.