Which form of ownership includes both individual ownership and co-ownership simultaneously in a property?

The correct choice is that a form of ownership, which includes both individual ownership and co-ownership simultaneously, is tenancy by the entireties. This form of ownership is specifically designed for married couples, allowing them to own property together. In this arrangement, each spouse has an equal and undivided interest in the property, meaning that both spouses have full rights to the property, yet it is treated as a single entity for ownership purposes.

This type of ownership provides certain protections, such as shielding the property from claims by creditors of one spouse, as the entire property cannot be claimed to satisfy the debts of just one spouse. It emphasizes unity between the spouses, aligning with the concept that both partners are co-owners of the property.

In contrast, while a condominium involves both individual ownership of specific units and shared ownership of common areas, it does not represent a simultaneous individual and co-ownership structure in the same way as tenancy by the entireties. Joint tenancy includes rights of survivorship and can involve multiple parties but does not necessarily imply a spouse's rights. Similarly, a life estate grants property rights to an individual for their lifetime, which doesn’t encapsulate the aspect of co-ownership.