What term applies to the ownership interest in a condominium in terms of both the unit and common elements?

The term that accurately describes the ownership interest in a condominium, encompassing both the individual unit and the shared common elements, is condominium ownership. This form of ownership grants the unit owner exclusive rights to their individual unit while simultaneously granting them a shared interest in the common areas of the condominium, such as hallways, pools, and fitness centers.

In this arrangement, each owner has a specific percentage of ownership over the common elements, which typically correlates with the size or value of their private unit. This allows for a legal structure that separates private ownership rights within individual units from collective ownership of shared spaces, thereby creating a harmonious living arrangement where residents can enjoy private and communal facilities.

Other terms, such as co-ownership or joint tenancy, more commonly refer to shared ownership structures that do not specifically define the particular arrangement of condominium living, while fractional ownership generally pertains to ownership of a property by multiple parties at different time intervals, often seen in vacation properties rather than residential condominiums.