Property Ownership

Under Ohio condominium law, a unit owner's individual ownership interest includes:

AOnly the airspace within their unit, with no interest in common areas

BFee simple ownership of their individual unit and an undivided interest in the common elements✓ Correct

CA leasehold interest in the unit and fee ownership of parking spaces

DOwnership of the exterior walls and roof of their building

Explanation

Under the Ohio Condominium Property Act, a unit owner has fee simple ownership of their individual unit plus an undivided interest in the common elements shared with other owners.

People Also Study

Key Terms to Know

Fee Simple

The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.

Joint Tenancy

Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.

Chain of Title

The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.

Tenancy in Common

Co-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.