What does the term 'tenant in common' refer to in condominium ownership?

The term 'tenant in common' refers to a shared ownership structure where individuals hold ownership interests in the property. In the context of condominium ownership, this means that each owner holds a separate title to their unit while also possessing an undivided interest in the common elements of the condominium, such as hallways, recreational facilities, and land. Each tenant in common has rights to use these common areas, which can also be referred to as common elements, but does not have exclusive rights to any specific area among them.

This ownership structure allows multiple people to own distinct portions of a property while sharing communal resources. It is essential for individuals who may wish to invest in condominium properties as it outlines their rights and responsibilities in relation to the communal spaces that are integral to the condominium experience.

The other choices do not accurately represent the concept of 'tenant in common' within condominium ownership. The description of individual unit ownership without exclusive rights to common areas better fits the core notion of condominium ownership. The method of leasing and shared management responsibilities do not align with the specific definition and implications of being a tenant in common in this context.