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You don't own any particular plot of land as an individual. You own a percentage interest in all the land in the condominium project along with all the other unit owners. That percentage is recited in the deed for each unit. You own a shared interest in the common areas and that includes the land.
Generally, a condominium is a distinct form of ownership in the U. S. (and other countries) whereby an individual owns a unit and shares joint ownership of the common areas with the other unit owners, which includes the land. In addition to owning your own unit of a condominium building in fee, you would also be part owner of the land upon which the condominium is constructed.
For example, a typical Massachusetts condominium deed would state: "Unit #2 of the Old Mill River Condominium together with a .05% interest in the common areas and facilities." That owner would own a .05% fee interest in the common areas along with the land encompassed by the condominium project. Similar language is used in other jurisdictions.
For a discussion of what you own when you own a condo unit in the State of Washington see the following:
http://www.ticorblog.com/blog/condo-or-co-op-whats-the-difference/
See also the following related question discussing the difference between condominium units and townhouse units:
What else can I help you with?
What is the definition of condominium?
A condominium is ownership in common with others whereby multiple owners own separate units in a structure (or structures) and a proportionate interest in the land and common areas.
What do you own when you buy a condominium?
Read your governing documents to identify the border between what you own in your unit individually and what you own outside your unit in common with all owners.You may find that the border is 'the studs', 'the paint', 'the wallboard' and so forth.Every condominium is different from every other condominium in terms of who owns what.Another PerspectiveWhen you purchase your condominium the governing documents set forth the boundaries of your unit and the common areas. However, what you own in fee is your unit and a percentage interest in the common areas and the land that makes up the condominium parcel.
What is a bare land condominium?
A bare land condominium is a type of condominium where each unit owner owns the land beneath their unit, as well as the unit itself. This differs from a traditional condominium where unit owners typically own the airspace within the unit boundaries. In a bare land condominium, unit owners are responsible for maintaining their individual units as well as the land surrounding it. This type of condominium is common in developments where each unit is a standalone structure, such as townhouses or detached homes.
A housing complex in which occupants own their own units is a?
condominium.
What's the difference between a townhouse and a condominium?
With a condominium, you own only the structure itself. With a townhome, you also own the yard surrounding your building.
Whats the difference between a condo and an apartment?
Always, you can own a condominium. And some condominiums are called apartments. You cannot always own an apartment. When you cannot own an apartment, it is not a condominium.
When was the Oceanquest Condominium declaration of condominium signed?
You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.You can visit the local land records office (local to Oceanquest Condominium) and search in the records for the Master Deed. It will show the date it was signed.
When you own a condominium are you responsible for the exterior of the residence or building?
Read your governing documents to determine who owns the outside of the condominium. Typically, the 'outside' is owned by the association, and of which you share ownership with all other owners. Ownership determines maintenance.
What is the declaration number for a condominium?
You may be referring to the filing number for a condominium declaration, which you can find in the local hall of records, the land-use office.
Can you sell a condo unit in NYS without condo declaration being recorded?
No. The recording of the declaration of condominium creates the condominium under state laws. A condominium is a creation of law. If no condominium is created then no units can be sold. Condominium declarations are recorded in the land records office where the land is located. Once the condominium has been submitted to the provisions of state condominium law by the recording of the declaration in the land records, the developer can sell condominium units.
Why is there property tax to pay on a condominium when you do not own the outside?
First, you pay the tax on the real estate you own, which includes the unit that you own by yourself, and the remaining real estate assets -- the outside, the amenities and all the land in the community (usually) -- that you own in common with all other owners.
Can you own a condo fee simple?
Read the governing documents to understand the boundaries between what you totally own and what you own in common with all other owners. Often what you own totally is defined by 'from the paint in', from the studs in', from the wallboard in' and so forth.
