Condominium ownership typically includes which of the following?

Correct Answer

B) Fee simple ownership of the individual unit plus an undivided interest in common areas

In Delaware, condominium ownership is governed by the Delaware Unit Property Act (25 Del. C. Chapter 22). A condominium owner holds fee simple title to their individual unit and an undivided fractional interest in the common elements, such as hallways, lobbies, elevators, and recreational facilities. The common elements are managed by a condominium association (HOA), and each owner pays assessments for their upkeep. This differs from a cooperative, where residents own shares of stock in a corporation rather than direct title to a unit.