Condominium

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. 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. Condominiums are governed by a homeowners’ association 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.