Property Ownership
In South Dakota, which statement about 'condominium ownership' is correct?
AThe unit owner owns only airspace and nothing else
BThe unit owner owns the individual unit in fee simple plus an undivided interest in the common elements✓ Correct
CCommon elements are owned by the homeowners association exclusively
DCondominium owners cannot obtain individual mortgages
Explanation
In condominium ownership, the unit owner has fee simple ownership of their individual unit (typically defined from the interior surfaces of the unit's boundaries) plus an undivided percentage interest in all common elements (land, hallways, amenities). The HOA manages common elements on behalf of all owners.
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