Final answer:
A condominium owner typically holds an undivided interest in the common grounds around their unit as tenants in common, sharing joint ownership with other unit owners and having rights to use all the common areas.
Step-by-step explanation:
A property owner with a condominium may have a unique type of property interest in the common areas of the condominium complex, known as a tenants in common or sometimes as a joint tenancy with rights of survivorship, depending on the specific laws and the declaration of condominium in their state or region. This means that while the individual owns their specific unit, they share joint ownership of the common areas with the other unit owners. This joint ownership arrangement includes responsibilities like maintenance and repair of common areas and abiding by the rules and regulations set by the homeowners' association.
Each owner's interest in the common areas is undivided, meaning that no one owner has an exclusive right to any specific part of the common property, but rather a shared right to use the entire common property. As property owners, the condominium owners hold the right to enter into contracts relating to their property, providing them the ability to make agreements with other parties regarding use. However, they must follow government regulations such as zoning ordinances, and they must adhere to any restrictive covenants that may be present on the deed.