What aspect of condominium ownership distinguishes it from other ownership types?

Individual ownership of a unit is the defining characteristic of condominium ownership. In a condominium, each owner holds the title to their individual unit, which can contain not only the interior space but potentially an exclusive use of certain parts such as balconies or storage areas. This individual ownership is distinct from other forms of property ownership like cooperative housing, where residents own shares in a corporation that owns the building rather than owning their unit outright.

In addition to owning their unit, condominium owners also share ownership of common areas, such as hallways, recreational facilities, and landscaping, which are held collectively by all condominium owners under a homeowners' association. This creates a blend of private and shared ownership that distinguishes condominiums from other types of real estate, such as single-family homes or apartments where no individual ownership of specific units exists.

Understanding this aspect is crucial because it affects the rights and responsibilities of condominium owners, including their ability to make changes within their units and their obligations towards the maintenance and governance of the common areas.