What Is a Condominium?
A condominium is a large property complex divided into individual units and sold. Ownership usually includes a nonexclusive interest in certain “community property” controlled by the condominium management. Condominium management is usually made up of a board of unit owners who sees to the day-to-day operation of the complex, such as lawn maintenance and snow removal.
- A condominium, more commonly known as a condo, is a property complex that is owned by an individual. Residential highrises are an example of condos.
- A condo owner owns the air space inside their condo, sharing an ownership interest in the community property, such as the floor, walls, sidewalks, stairwells, and exterior areas.
- A general requirement of a condo owner is monthly payments to a Homeowner’s Association (HOA), which is in charge of property upkeep.
- The main difference between an apartment and a condo is ownership, where an