Which characteristic is associated with the owners of a condominium project?

The characteristic associated with the owners of a condominium project is that they have ownership of individual units only. This means that each owner has exclusive rights to their specific unit within the condominium, but they do not own the land on which the condominium is built or the shared communal areas.

In a condominium arrangement, the overall property, including land and common amenities, is owned collectively by all the unit owners through a legal entity, often known as the condominium association. This association is responsible for managing the common areas and maintaining the property. Therefore, while condominium owners enjoy the ownership of their individual living spaces, they are also part of a shared ownership structure when it comes to shared resources and amenities in the development.

Understanding this helps to clarify the unique nature of condominium ownership compared to other housing types, where property rights can differ significantly, as in the case of single-family homes or rental properties.