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An alternative form of ownership, popular in the United States but found also in other common law jurisdictions, is the "cooperative" corporation, also known as "company share" or "co-op", in which the building has an associated legal company and ownership of shares gives the right to a lease for residence of a unit. Another form is leasehold or ground rent in which a single landlord retains ownership of the land on which the building is constructed in which the lease renews in perpetuity or over a very long term such as in a civil law emphyteutic lease. Another form of civil law joint property ownership is undivided co-ownership where the owners own a percentage of the entire property but have exclusive possession of a specific part of the property and joint possession of other parts of the property; distinguished from joint tenancy with right of survivorship or a tenancy in common of common law. The first condominium law passed in the United States was passed by the Commonwealth of Puerto Rico in 1958. Common law tradition holds that real property ownership must involve land, whereas the French civil law tradition recognized condominium ownership as early as the 1804 Napoleonic Code; thus, it is notable that condominiums evolved in the United States via a Caribbean government with a hybrid common-civil legal system. Section 234 of the 1961 National Housing Act allowed the Federal Housing Administration to insure mortgages on condominiums, which led to a vast increase in the capital available for condominiums and to condominium laws in every state by 1969. Americans' first taste of condominium life came not from its largest cities but from south Florida, where developers had first imported the condominium concept from Puerto Rico and used it to sell thousands of inexpensive apartments to retirees arriving with equity earned from the urban North.

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