Which form corresponds to ownership where individuals hold title to their unit and share common elements?

• A. Condominiums
• B. Co-operatives
• C. Tenancy in Common
• D. Joint Tenancy

Answer: (A)

Ownership form where individuals hold title to their own unit and share ownership of common elements is characteristic of a condominium. In a condo setup, each owner has a deed to a specific unit, giving them fee simple title to that air space, while the common areas—like lobbies, hallways, gyms, and yards—are owned collectively by all owners through the condo association. Residents pay regular assessments to maintain these shared elements, and they participate in the governance of the association through voting and applying the rules set forth in the declaration and by-laws. This arrangement is distinct from a cooperative, where residents own shares in a corporation that owns the building and lease their units; from tenancy in common, where each owner holds an undivided interest in the entire property (not necessarily a specific unit with shared elements); and from joint tenancy, which involves a right of survivorship and is not tied to owning a unit within a multi-unit building.