What is a characteristic feature of ownership in both condominiums and co-operatives?

Ownership in both condominiums and co-operatives is characterized by the fact that ownership of a unit is considered real property. In condominiums, individual owners have a fee simple ownership interest in their specific units, which gives them both ownership rights and responsibilities related to the property. This includes the right to occupy, sell, or lease their unit. In co-operatives, residents own shares in the corporation that owns the property, which entitles them to occupy a specific unit. However, regardless of this structure, the unit itself is still treated as real property, which is an essential characteristic that links both types of housing.

While ownership of land as fee simple is common, it is not a defining feature of either condominiums or co-operatives, as co-operatives do not actually grant individual owners distinct land ownership. Similarly, while title being held by a collective entity accurately describes co-operatives, it does not apply to condominiums, where individual units are owned outright by different owners. Lastly, the assertion that units are owned directly without any leasehold interests does not apply uniformly to co-operatives since shares owned in a corporation essentially grant residents the right to occupy a unit through a shareholder agreement rather than direct ownership.

Thus, the