Ownership and estates
Condominium
Fee ownership of an individual unit plus an undivided share of the common elements
A condominium owner holds fee simple title to the airspace of their unit and a percentage interest in everything shared — roof, grounds, lobby. Each unit is separately taxed, separately mortgaged and separately foreclosed.
How the exam asks about it
Contrast with a cooperative, where a corporation owns the building and the resident owns shares plus a proprietary lease. Condo owners hold real property; co-op shareholders hold personal property.
Related terms
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