Condominium

A real estate project in which each unit owner holds title to an individual unit in a building, and an undivided interest in the common areas.

An individually owned unit within a multi-unit building where others or the Condominium Owners Association share ownership of common areas such as grounds, parking facilities and tennis courts.

A form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex. The owner also shares financial responsibility for common areas.

A building or development with individually-owned apartments or houses. The owner has a deed, and possibly a mortgage, on the unit. The owner holds a common or joint ownership in all common areas and facilities that serve the project; land, roofs, hallways, entrance, elevators, etc.

That form of ownership of real property in which each unit owner has an undivided interest in common elements.