What type of ownership includes a percentage ownership of common elements?

The correct answer is Condominium, as this type of ownership is specifically structured to allow individual owners to hold title to their unit while sharing ownership of common elements, such as hallways, roofs, and swimming pools, with other owners. This common interest is a defining characteristic of condominiums, where the rights of ownership are divided between exclusive personal spaces and shared communal areas.

In a condominium, each owner typically pays a monthly fee to cover maintenance and management of the common areas, which underscores the cooperative nature of this ownership type. This arrangement is also governed by specific rules and regulations, often outlined in a declaration of condominium, which helps manage the shared aspects of the property effectively.

In contrast, freehold generally refers to ownership of a parcel of land and the structures on it, where the owner has complete control and responsibility for the property. Leasehold denotes an interest in a property where the tenant has possession for a specified term, but does not own the land itself. Cooperative ownership involves owning shares in a corporation that owns the property, which does not specifically provide for individual ownership of units along with common elements in the same way that condominiums do.