In a condo project, what type of ownership does a unit owner have?

In a condominium project, unit owners possess ownership primarily of the air space within their individual units. This ownership structure is distinct from traditional real estate ownership. Each unit owner holds a title to their specific unit, encompassing the interior space of the unit itself, while sharing ownership of common areas, such as hallways, elevators, pools, and other facilities, with other owners in the condominium association.

This model allows for exclusive use of the residential space, making it possible for unit owners to modify and personalize their units without needing consent from other owners. Simultaneously, the shared ownership of the common elements and maintenance obligations are typically managed through a condominium association, which creates rules and maintains the joint spaces for the benefit of all owners.

The other options do not accurately reflect the nature of condo ownership. For instance, joint ownership of the entire building would imply equal ownership over all units and common areas, which is not the case in a condominium. Exclusive ownership of the entire property suggests complete control over the entire development as if it were a single-family home, which contradicts the concept of shared spaces in a condo. Lastly, shared ownership of the land does occur, but it’s secondary to the unique ownership of the air space within each unit, which is the