Lena purchases a Virginia condominium unit. Under the Virginia Condominium Act, which ownership interest does Lena receive in the common elements of the condominium, such as the lobby, elevators, and parking garage?
Correct Answer
B) An undivided interest as a tenant in common with all other unit owners.
Under the Virginia Condominium Act (Va. Code § 55.1-1900 et seq.), each unit owner receives fee simple ownership of their individual unit plus an undivided interest as a tenant in common in the common elements of the condominium. This means Lena co-owns the lobby, elevators, parking garage, and other common areas with all other unit owners as tenants in common. This interest cannot be separated from ownership of the unit itself.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
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