What is a Condominium?

A condominium, often referred to as a condo, is a type of housing ownership arrangement where individuals own individual units within a larger building or complex. Each unit owner has exclusive ownership and title to their specific unit, along with shared ownership and rights to common areas and facilities within the building or development.

In a condominium, each unit owner holds a deed to their specific unit and has the right to occupy, use, and sell that unit. The common areas, such as hallways, elevators, lobbies, swimming pools, and gyms, are collectively owned and maintained by all the unit owners in the condominium association.

Condominium ownership combines elements of individual ownership, similar to owning a single-family home, with shared responsibilities and expenses for common areas and facilities. The unit owners collectively form a condominium association, which is responsible for managing the common areas, enforcing rules and regulations, and collecting fees or assessments to cover shared expenses.

The condominium association is typically governed by a board of directors or an elected body, consisting of unit owners who make decisions on behalf of the community. The association establishes and enforces rules, regulations, and bylaws that govern the use and maintenance of the property, as well as financial matters and other community-related issues.

One of the advantages of owning a condominium is that it provides a balance between individual ownership and shared amenities and services. Condo owners benefit from shared facilities and maintenance services, which can include landscaping, security, and building maintenance, while still having the freedom to customize and manage their own unit.

It’s important to note that specific regulations and rules regarding condominium ownership can vary between jurisdictions and individual condominium associations. It’s advisable for potential buyers or owners to review the governing documents, such as the declaration of covenants, conditions, and restrictions (CC&R), and to understand the financial obligations, restrictions, and community dynamics associated with a particular condominium before making a purchase.