Condominium
A condominium is a type of property ownership where individuals own their specific unit outright while sharing ownership of common areas like lobbies, pools, and grounds with other unit owners. Each unit owner receives a deed for their individual space and a percentage interest in the common elements.
Example
“She purchased a two-bedroom condominium on the fifteenth floor with stunning ocean views and access to shared amenities.”
Memory Tip
Con-do-minimum: you own the CONtents, DO own your unit, but have MINIMUm control over common areas.
Why It Matters
Condo ownership affects your monthly costs through HOA fees, your decision-making power through association voting, and your resale options through association approval processes. Understanding these factors is essential for making informed purchasing decisions.
Common Misconception
Many people think condo owners don't truly own their property, but condo owners have full ownership rights to their unit and can sell, rent, or modify it within association guidelines.
In Practice
When you buy a $250,000 condo, you own your 1,200-square-foot unit completely, plus a small percentage of the building's roof, elevators, and parking garage, with monthly HOA fees covering maintenance of these shared areas.
Etymology
From Latin 'con' (together) and 'dominium' (ownership), literally meaning 'shared ownership' of common areas while owning individual units.
Common Misspellings
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