Condominium
Condominium
Condominium (/ˌkɒndəˈmɪniəm/), often shortened to condo, is a type of living space similar to an apartment but independently sellable and therefore regarded as real estate.
Etymology
The word "condominium" originates from Latin, where con means "together with" and dominium means "right of ownership or property".
Definition
A condominium is a building or complex of buildings containing a number of individually owned apartments or houses. It's a type of housing tenure where a specified part of a piece of real estate (usually of an apartment house) is individually owned. Use of land access to common facilities in the piece such as hallways, heating system, elevators, and exterior areas are executed under legal rights associated with the individual ownership.
Related Terms
- Homeowners' Association (HOA): An organization in a subdivision, planned community, or condominium that makes and enforces rules for the properties and their residents.
- Common Area: In real estate, it refers to the areas that are available for use by more than one person.
- Leasehold Estate: An ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord.
- Freehold Estate: An estate in land which is of uncertain duration, that can be either for a lifetime or inheritable.
See Also
External links
- Medical encyclopedia article on Condominium
- Wikipedia's article - Condominium
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