How is a condominium owned?

Answer 1

Condominiums are owned according to the provisions of laws that govern the ownership of real property and condominium law, which may vary in different jurisdictions. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a multi-unit building(s) by each owning their respective units within that building.

In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas. Unit owners pay monthly fees for their share of the upkeep and maintenance of the community and special assessments when extraordinary repairs or improvements must be made. For example, if there are ten units the unit owners would each own a 10% interest in the common areas.

By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed and any rules and regulations promulgated by the unit owners' association. Although a condominium is governed by statutory law which allows promulgation of rules and regulations and assessing of monthly fees and special assessments, the ownership of a condominium unit is considered a fee simple estate. That means the owner has the right to sell that unit and if she dies, ownership of that unit will pass to her heirs.

Answer 2

Condominium ownership is a form of common interest community real estate ownership.