What is common interest community ownership?

Common interest community ownership refers to a form of property ownership where individuals own their private units—such as condominiums or townhouses—while also sharing ownership of common areas and facilities, such as parks, hallways, and recreational amenities. This arrangement is designed to foster a shared community experience among residents, as well as to ensure that these shared spaces are maintained for the benefit of all owners.

In this setup, owners are typically part of a homeowners’ association (HOA) or a similar governing body that oversees the management of common areas, sets rules, and collects fees for maintenance and other communal services. This collaborative ownership structure distinguishes common interest communities from traditional single-family home ownership where the owner is solely responsible for their property without shared governance or communal obligations.

The other options do not accurately describe common interest community ownership. Commercial property investment refers to the ownership and use of property for business purposes, zoning regulations pertain to land use laws and do not specifically define ownership structures, and an agreement for shared leasing of land relates to a different type of arrangement that does not encompass ownership of private units and communal areas.