What is owned when you own a condominium unit?

Answer 1

You can review your governing documents and determine exactly what you own.

Every set of governing documents that cover condominiums is different from every other set of governing documents.

Look in your governing documents for these definitions:

• Unit: Usually, an owner who buys a 'unit' owns 'everything from the paint/ skin/ studs' inward: there is a defined line of ownership.
• Limited Common Elements: These are set aside for the exclusive use of that unit owner. An example is: a deck, a balcony, a parking stall.
• Common Elements: Examples include, siding, doors, roofs, lawns, pool, club house, Golf course.
• Other: Your unique condominium community and property may include other elements that owners also 'own' in common with all other unit owners.

Answer 2

A unit owner owns the space contained with the boundaries of a unit. The governing documents are clear as to the location of the boundary: the paint, the studs, the drywall, etc. There is no standard.

Every other real estate asset (mail room, garden, walkway, yard) is owned in common -- in association -- with all other owners, depending on each unit owner's allocated interest in the property. These assets are defined as common areas or limited common areas.

A condominium is an apartment that is owned by the resident rather than a landlord.

Answer 3

Condominium ownership consists of a fee ownership in a unit and a proportionate interest of all the other common elements, including the land, in a condominium project. The owner can sell their unit with its common interest, and any assigned parking, as a bundle that cannot be separated. Any time the unit is sold the percentage of the common interest, and any other rights associated with that unit goes with it.

Answer 4

When you own a condominium unit you own that unit along with any appurtenances that are exclusive to that unit (patio, terrace, balcony, parking space, storage unit, etc.) and a percentage in all the common areas of the condominium project in fee simple. You own the right to the use of all facilities and amenities in common with all the other unit owners such as laundry room, pool, conservation areas, passive recreation areas, tennis courts, community rooms, etc.