What defines a condominium ownership?

Condominium ownership is characterized by individual ownership of a specific unit within a multi-unit building, combined with shared ownership of common areas and amenities. This means that while an owner has full and absolute ownership rights over their individual unit, they also have a proportionate share of ownership in the communal aspects of the property, such as hallways, grounds, recreational facilities, and any other shared spaces.

This structure allows homeowners to maintain their private living spaces while benefiting from shared resources that they wouldn’t typically have access to if they owned a standalone property alone. This framework is what distinguishes a condominium from other forms of real estate ownership, where ownership might be limited to the land or the structure itself without the shared communal aspect.