What type of ownership allows individuals to possess their own unit while sharing common areas?

Condominium ownership is characterized by the ability of individuals to own their specific unit within a property while sharing ownership of common areas with other unit owners. This model creates a unique form of real estate ownership where each unit is privately owned, but shared amenities such as hallways, landscaping, recreational facilities, and parking are collectively maintained by all owners.

The legal structure of condominium ownership is established through a declaration that outlines the rights and responsibilities of the unit owners, as well as the management of the common elements. This form of ownership typically involves a condominium corporation that governs the operation and maintenance of the shared areas, ensuring that all owners contribute to the upkeep and management of the property.

In contrast, single-family ownership involves complete ownership of both the home and the land on which it sits, and townhouse ownership, while it can also include shared walls, usually encompasses ownership of both the unit and a portion of the land. Cooperative ownership entails owning shares in a corporation that, in turn, owns the property, which is a different concept that does not allow for direct ownership of a specific unit. Thus, the defining characteristic of condominium ownership makes it the correct answer, as it succinctly captures the essence of owning a unit while sharing common areas with others.