Which type of ownership allows individuals to own their unit while sharing ownership of common areas?

The type of ownership that allows individuals to own their unit while sharing ownership of common areas is a condominium. In a condominium, each owner holds a title to their individual unit and also has a shared interest in the common areas, such as lobbies, hallways, and recreational facilities. This structure creates a community where owners participate in the management and maintenance of shared spaces through a homeowners association, which oversees the upkeep and regulations of the property.

In contrast, a cooperative involves ownership through shares in a corporation that owns the entire property, meaning residents do not own their units outright. A planned unit development is a broader community concept that incorporates both individual homeownership and common areas but doesn't specifically provide unit ownership like a condominium does. Lastly, a single-family home is an independent property where the owner has exclusive rights to both the home and the land without sharing common areas with others. Thus, the condominium structure distinctly embodies the concept of individual unit ownership along with shared ownership of common spaces.