In a typical condominium arrangement, who owns the common elements such as parking lots and swimming pools?

In a typical condominium arrangement, the owners of the units have ownership of the common elements, such as parking lots and swimming pools, in the form of undivided percentage interest. This means that each unit owner holds a share of the common property that is proportional to their ownership of their individual unit.

In practical terms, if a condominium consists of multiple units, each owner has a claim to the common elements, which cannot be physically divided among owners. Instead, owners collectively share the full ownership of these spaces, and their responsibilities and rights are usually outlined in the condominium’s governing documents. This model supports joint use and maintenance of shared amenities, promoting cooperation among unit owners.

Other choices may suggest different forms of ownership that do not accurately represent how condominium associations typically operate. For instance, ownership as a corporation would imply a corporate structure that is not standard for condominiums, while the idea of divided interest fails to capture the essence of shared ownership. The option regarding an association of homeowners describes the management body rather than the ownership structure itself, making it less relevant to the question about ownership of common elements.