What do you call the ownership of a unit where the owner also has shared ownership in common areas?

The ownership of a unit where the owner also has shared ownership in common areas is called a condominium. In a condominium arrangement, individual unit owners hold title to their specific units, while collectively they have a shared interest in the adjacent common areas such as hallways, pools, and other amenities. This structure allows residents the privacy of owning their own space while also participating in the maintenance and management of shared facilities, which is governed by a homeowners association.

In contrast, a cooperative involves ownership of shares in a corporation that owns the entire property, and residents are essentially tenants of the corporation. A time-share refers to ownership where individuals buy the right to use a property for a specific period of time each year, typically for vacation purposes, rather than true ownership of the unit. Dual ownership isn’t a recognized term in real estate for this specific structure. Thus, the definition aligns perfectly with the concept of condominiums, making it the correct answer.