Question

What type of ownership combines individual ownership of a unit in a multi-unit building and a tenancy-in-common interest in the common elements?

Answer 1

The type of ownership that combines individual with multi-unit ownership is a condominium. Generally, they are referred to as simply condos, these real estate investments are buildings divided into multiple units. Each unit is separately owned, rather than rented like an apartment, and they are surrounded by common areas that are jointly owned.