In which type of property do owners have separate interests in their own unit and undivided interest in common areas?

In a condominium, the ownership structure allows individuals to own their specific units outright while simultaneously sharing ownership of common areas, such as hallways, swimming pools, and recreational facilities. This creates a distinct separation where each owner has their own exclusive space but also participates in the ownership and maintenance of shared spaces, typically governed by a homeowners' association (HOA).

This arrangement is what sets condominiums apart from other types of properties. In a cooperative, for instance, residents own shares in a corporation that owns the entire building, meaning they don’t own their units directly. In a single-family home, the owner has exclusive rights over the entire property without shared interests. Similarly, a townhouse, while possibly having some common space, generally indicates individually owned structures with more independence than condominiums. Therefore, the unique combination of individual unit ownership and shared interest in common areas distinctly defines condominiums.