What is undivided interest in property ownership?

Undivided interest in property ownership refers to a situation where multiple owners share an interest in the entire property rather than having a distinct portion allocated to each. This means that each owner has a right to the whole property, despite not having a specifically defined section that they can claim as their own. For example, in a condominium association, each owner holds an undivided interest in the common areas, meaning they collectively share responsibility and rights to these parts of the property regardless of the boundaries of their individual units. This concept emphasizes the cooperative nature of ownership among multiple parties, where decisions and responsibilities must typically be shared. Understanding undivided interest is important in real estate as it highlights how joint ownership structures operate and the implications for the owners involved.