Real Estate Terms Glossary
What is a Condominium?
A condominium, also called a condo, is a large property, divided into many single units. So how is a condo different from any regular property? Most differences tend to spring up because of the type of ownership.
Condominiums are a type of real estate or property ownership where each owner owns the interior of his or her individual unit while sharing the ownership of common areas, such as lobbies, with other homeowners.
Note that condominiums can be physically connected or/and legally connected. Remember that all condos have certain fees that cover the cost of certain items, like management, utilities and insurance.
Examples of Condominium
- Example 1: Low-rise condos
- Example 2: High-rise condos
Here’s Wikipedia’s definition of condos .
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