What type of property does a man who owns one of 20 units in a building and has a 5% share in communal areas likely possess?

A man who owns one of 20 units in a building and has a 5% share in communal areas likely possesses a condominium. In a condominium, individual unit owners hold title to their specific unit while sharing ownership of common areas such as hallways, pools, and recreational facilities with other unit owners. This shared ownership is typically represented by a proportional interest in common areas, which aligns perfectly with the given scenario of having a 5% share in communal areas.

In contrast, a cooperative involves ownership of shares in a corporation that owns the building, rather than title to a specific unit, which is not the case here. A time-share typically refers to a property where several owners share the rights to use the property for a specific duration each year, which does not fit this context either. A land trust is a legal entity that holds title to property for the benefit of another, and while it can involve different types of property ownership, it does not pertain to the description provided in the question. Therefore, the most fitting answer is that he possesses a condominium.