Condominium
Definition and meaning of Condominium in real estate.
A condominium is a form of housing ownership where an individual owns the interior space of their specific unit, while sharing joint ownership of the common areas and land with the other residents.
In more detail
Condominium owners hold individual titles to their units and can finance their purchases with traditional mortgages. The shared elements of the community, such as hallways, roofs, elevators, pools, and parking lots, are managed by a homeowners association. Every owner pays monthly fees to the association to cover maintenance, repairs, and insurance for these common areas.
Living in a condominium offers a low-maintenance lifestyle, but owners must abide by the association's rules, covenants, and restrictions.
Key facts
| Category | Property Types & Construction |
|---|---|
| Also known as | Condo |
| Governed by | Homeowners Association (HOA) board |
| Applies to | High-rises, townhomes, and detached unit developments |
A buyer purchases a two-bedroom condominium on the fifth floor of a high-rise building, giving them sole ownership of their apartment and shared access to the building's rooftop pool.
Frequently asked questions
What do condominium association fees cover?
Association fees typically cover building maintenance, landscaping, trash removal, common area utilities, master building insurance, and reserves for future repairs.
Can a condominium association prevent me from renting out my unit?
Yes, many condominium associations have rules that restrict or limit the number of units that can be rented out to non-owners at any given time.
Related terms
Sources & references
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