Owning a condo is seen as a hybrid kind of ownership as it is not a traditional structure in property ownership. There are some characteristics that can help in the definition of ownership of condominiums. An individually owned unit is the space that is within the boundaries that have been specified. This can include multiple rooms as well as interior wall that divides different rooms in that specific unit. It also includes storage areas and balconies. The unit is airspace without land, but is still considered real estate.
Common areas
Common areas are the other parts of such a The Reserve Residences. This is the area that all unit owners share. This includes roof, lobbies, halls, foundation, floors, elevators, ceilings and basement and so on. Others are installations like water, gas, electricity and heating. There are other areas such as the parking lots, swimming pool and so on, which are also a part of the common areas that are shared by the unit owners.