What is a key characteristic of condominiums?

A key characteristic of condominiums is the concept of shared amenities with exclusive ownership of individual units. This means that while each unit owner has title and ownership rights to their specific unit, the amenities and common areas—such as pools, hallways, and recreational facilities—are collectively owned and maintained by all the unit owners through a homeowners association (HOA). This structure provides both privacy for the individual unit owners and shared access to communal resources, making it a unique aspect of condominium living.

In contrast, ownership of the land is typically associated with single-family homes or other property types where the owner has full control over the entire parcel. Annual rent payments apply to rental agreements, not ownership structures like condominiums. Time-share usage rights pertain to fractional ownership of a property for limited time periods and are distinct from the traditional condominium ownership model. Understanding these distinctions helps clarify why shared ownership and amenities are fundamental features of condominiums.