What do condominium unit purchasers own?

Condominium unit purchasers own a specific unit outright, which includes not only the interior space of their individual unit but also a shared interest in the common elements of the condominium project. Common elements can include hallways, parks, and amenities like pools or gyms that all unit owners have access to. This structure allows for private ownership while maintaining shared responsibilities and benefits, which aligns with the general principles of condominium ownership.

The concept behind this ownership structure is designed to foster a community atmosphere while still allowing individuals to have control over their personal living space, making it a distinctive form of real estate ownership. The shared interest in common elements reflects the collective aspect of ownership in a condominium setup, where maintenance and management of shared spaces are typically governed by a homeowners' association.