Condominium

Condominium is a type of living space which is similar to apartments but are sold independently to individuals. Condominiums, often shortened to condos, are typically located in residential buildings, where each unit is owned by a different individual.

Overview

A Condominium is a type of real estate property that is part of a larger structure or community, where each unit is owned by an individual, rather than being rented from a landlord. The term "condominium" comes from the Latin condominium which means "common ownership" or "common control".

Ownership

In a condominium, the individual owner has full ownership of the interior of their unit, and shares ownership of the common areas, such as the hallways, grounds, and amenities, with the other unit owners. This shared ownership is often managed by a Homeowners' Association (HOA).

Homeowners' Association

The Homeowners' Association (HOA) is a legal entity created to manage and maintain the common areas of a community. The HOA is usually made up of the condominium owners, who elect a board of directors to handle the administration of the association.

Advantages and Disadvantages

There are several advantages and disadvantages to owning a condominium. Some of the advantages include shared maintenance costs, access to amenities, and often a desirable location. Disadvantages can include HOA fees, less privacy, and potential disputes with neighbors or the HOA.

See Also

• Apartment
• Real Estate
• Homeowners' Association

Condominium Resources
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