In a condominium, what form of ownership do individual owners have?

In a condominium, individual owners hold a fee simple title to their units. This form of ownership grants them complete ownership rights over their specific unit, including the ability to sell, lease, or otherwise transfer their ownership interest. Fee simple title is the highest form of property ownership under law and provides the owner with full control and rights as long as they adhere to applicable laws and any rules established by the condominium association.

In addition to owning their specific unit, condominium owners also share ownership of common areas, such as hallways, elevators, and recreational facilities. This shared ownership structure is integral to the condominium concept, allowing for collaborative management and maintenance of shared spaces.

The other forms of ownership mentioned do not apply to individual owners in a condominium context. Leasehold interest refers to a temporary right to occupy property under a lease, joint tenancy involves shared ownership with rights of survivorship, and limited partnership pertains to a business structure rather than individual property ownership. Therefore, the characteristics and rights associated with fee simple title make it the correct answer for ownership in a condominium.