In real estate, a condominium is a form of property ownership in which individual units within a building or group of buildings are owned separately, while the remaining portions of the property are owned jointly by all unit owners. A condominium is usually based on airspace ownership, meaning that each owner holds title to the interior space of their specific unit, along with an undivided interest in the common elements, which typically include the land, exterior structures, hallways, roofs, and shared amenities.
Though each owner holds title to their own unit and controls the airspace within, they have limited control over the physical structure of their unit, since the walls often are shared by the surrounding units that are owned by others. The walls may contain pipes, ducts, and other systems that are under the control of all unit owners in common.
Condominiums are usually governed by a homeowners’ association (HOA) that manages the common areas and enforces rules and regulations, with expenses shared among the owners through assessments. This ownership structure allows individuals to own private living space while sharing responsibility for the maintenance and operation of the overall property.
The homeowners’ association (HOA) has rules and restrictions (often called Covenants, Conditions, and Restrictions or CC&Rs) that restrict what each unit owner may do to alter their unit. The HOA also has bylaws that serve as its governing documents, outlining how board members are elected to the HOA board, as well as their term limits, and additionally may set forth rules about pets, conduct, quiet hours, etc.
