What do you call the shared ownership aspects among condominium unit owners?

The term "Common Interests" accurately describes the shared ownership aspects among condominium unit owners. In a condominium setting, each unit owner not only possesses their individual unit but also shares ownership of the common areas and facilities, such as lobbies, hallways, and recreational spaces. This collective ownership is governed by the condominium's rules and regulations, which outline the rights and responsibilities of each unit owner regarding these shared elements.

Understanding "Common Interests" is crucial for condominium management as it emphasizes the collaborative nature of living in a community where decisions and costs related to shared spaces must be managed effectively. This helps foster a sense of community and ensures that all owners contribute to the maintenance and enjoyment of these areas. The concept of common interests is foundational in condominium law and highlights the interdependence of unit owners in the overall management of the property.