Property Ownership
Under Utah's Condominium Ownership Act, the common areas of a condominium complex are owned by:
AThe condo association corporation exclusively
BAll unit owners as an undivided interest proportional to their unit's percentage✓ Correct
CThe developer until the project is 100% sold
DThe municipality in which the project is located
Explanation
Under Utah's Condominium Ownership Act, common areas are owned by all unit owners as tenants in common, with each owner's percentage corresponding to their unit's proportionate interest. Expenses are shared in the same proportions.
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Key Terms to Know
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 TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Tenancy in CommonCo-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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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