Which statement best describes the ownership interest held by a condominium owner?
Correct Answer
B) The owner holds fee simple title to the individual unit plus an undivided interest in the common areas
A condominium owner holds fee simple title to their individual unit, which is the airspace within the unit's boundaries. In addition, the owner holds an undivided interest as a tenant in common with all other unit owners in the common areas of the development, such as hallways, lobbies, pools, and parking lots. This dual ownership structure distinguishes condominiums from cooperatives, where residents own shares of stock rather than real property. In Mississippi, condominiums are governed by the Mississippi Condominium Act, which establishes the rights and responsibilities of unit owners and associations.
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