What type of ownership do condominiums represent?

Condominiums represent a form of ownership known as real property. In a condominium, individuals own their specific unit outright, which includes everything contained within their dwelling's walls. Additionally, there is shared ownership of common areas and amenities, such as lobbies, pools, and landscaping, which are managed by a homeowners' association (HOA). This structure allows owners to have both private ownership of their individual units and shared rights over common spaces.

While leasehold ownership pertains to property that is leased from a landowner, and cooperatives involve collective ownership where residents own shares in a corporation that holds the title to the property, condominiums distinctly offer individual ownership of units. Joint tenancy is a type of concurrent ownership involving two or more persons where each has equal rights and interest in the property, but this does not apply to the typical condominium ownership structure. Thus, real property is the accurate characterization of condominium ownership.