What is a Condominium? – David Reecher
A condominium, or condo, is a unit that you own within a multi-unit complex such as an apartment building. While each condo is individually owned, the common spaces are collectively owned and shared by all the owners in the complex. Condo developments are managed by homeowners associations that collect monthly dues, maintain operations, and enforce policies.
Condo buildings are different from co-ops. With a co-op, the homeowners own shares in the corporation that owns the building, rather than owning units themselves. Co-op owners receive the right to live in a specific unit and enjoy common spaces in accordance with a written lease agreement. Learn about the pros and cons of condos and other shared housing types.