What is a condominium?
The word condominium refers to shared ownership of real property, in which each owner holds the title to a specific unit, and has a share of the common elements (ex: roof, parking garage, lobby), as well as any common assets (ex: personal property).
Condominium units come in many types and sizes, and can be:
- apartments (in a multi-unit building)
- detached houses
- semi-detached townhouses
- commercial space (ex: stores, offices)
A condominium development can be a combination of several types of units. Units may be built as condominium units or converted from another use (ex: apartment rental buildings).
A unit may include only the space within its four walls, the floor and the ceiling. Or it may be a unit of bare land on which a building is, or will be, located. The land on which the building is placed may be owned or leased.
What do all condominium units have in common? The answer is common elements. In an apartment-style building, the common elements may include the:
- outer walls and roof
- hallways, main entrances and elevators
- heating and cooling equipment
- parking garages and/or driveways
The common elements of a bare-land bungalow development may include:
- landscaped areas and roadways through the development
- visitor parking areas
- underground services like sewer and water