What term describes a building where each owner has a percentage ownership of the whole property?

The term that describes a building where each owner has a percentage ownership of the whole property is "Condominium." In a condominium, individual units are owned separately by different owners, while common areas such as hallways, recreational facilities, and land are jointly owned by all unit owners as a collective interest. This structure allows for both personal ownership and shared responsibilities, emphasizing shared amenities and areas among residents.

In a cooperative, all residents typically own shares in a corporation that owns the entire building and land, which is distinct from the individual ownership model of condominiums. Townhouses are often similar to condominiums in that they may have common areas, but they generally imply separate ownership of the entire structure. Shared ownership usually refers to arrangements where multiple parties own a share of a property, but this term is broader and does not specifically imply the distinct ownership model seen in condominiums. Therefore, "Condominium" is the most accurate term for the described ownership structure.