What type of common interest subdivision gives owners exclusive rights to a unit and shared interest in common areas?

A condominium project is a type of common interest subdivision where individual owners have exclusive rights to their specific units while simultaneously holding shared interest in communal areas such as pools, parks, or hallways. This structure allows individuals to own their separate housing units much like traditional homeownership, while also benefiting from shared amenities and responsibilities for upkeep and maintenance of common areas.

In a condominium, the owner’s property generally extends from the interior of their unit to the walls, while the exterior and shared spaces are collectively owned by all unit owners, often managed by a homeowners association (HOA). This arrangement fosters a sense of community and shared governance among owners, making it a popular choice for urban living where space is limited.

In contrast, a cooperative project involves ownership of shares in a corporation that owns the entire property rather than individual unit ownership. A planned unit development typically includes both individual ownership and some managed common areas but may differ in structure from a condominium. A timeshare project allows multiple parties to own rights to use a property for a specified time period, which does not equate to exclusive unit ownership. Therefore, the defining characteristics of exclusive unit ownership paired with shared common spaces are precisely encapsulated in the definition of a condominium project.