There are three primary kinds of common interest communities: condominiums (“condos”), cooperatives and planned communities:
- In a condominium
a. Units are separately owned
b. Common areas are owned by all unit owners as tenants in common.
c. Units may have limited common elements for exclusive use by each owner.
- In a cooperative
a. The association owns all real property.
b. Unit owners are shareholders or members of the association. They have the right to exclusive possession of their particular unit.
- Planned communities
a. Neither condo nor coop, in which there is a shared ownership of a common area.
b. For example, unit owners own lots, association owns common areas.