What type of ownership allows individuals to own their building or unit while sharing ownership of common areas with other members?

The correct answer is a condominium. This type of ownership structure allows individuals to hold title to their specific unit within a larger building or complex while simultaneously sharing ownership of common areas, such as lobbies, gyms, and swimming pools, with other unit owners. Each condominium owner typically pays monthly dues for the maintenance and management of these shared spaces, making it essential for fostering community and ensuring the upkeep of amenities.

Condominiums are distinguished by their legal framework, which delineates individual ownership of each unit along with shared interests in common areas. This arrangement contrasts with cooperatives, where residents own shares in a corporation that owns the entire building, and planned unit developments, which typically involve standalone homes with shared spaces governed by development regulations. Single-family residences are completely independent homes with no shared ownership of common areas.