Which type of ownership allows individuals to own specific units in a multi-unit building?

Condominium ownership is characterized by individuals owning specific units within a multi-unit building or complex, which distinguishes it from other types of ownership. In a condominium arrangement, each owner holds a title to their individual unit, while also sharing ownership of common areas, such as hallways, pools, and gyms, with other unit owners. This form of real estate ownership provides personal ownership rights along with collective management of shared spaces, allowing residents to have both privacy in their units and usage rights to communal facilities.

In contrast, cooperative ownership involves shareholders owning shares in a corporation that owns the entire building, which does not translate into individual ownership of specific units. Tenancy in common allows multiple individuals to own portions of a property without defining specific units, and timesharing refers to ownership where individuals purchase rights for specific time periods to use the property, usually vacation homes, rather than owning specific units in a building.