Real Estate Term
Condo (Condominium)
A type of ownership where you own your unit and share ownership of common areas with other owners.
What is Condo?
A condominium (condo) is a form of ownership in which you own your individual unit outright and share ownership of common areas — hallways, elevators, amenities, and the building's structure — with the other owners. A condo corporation manages the shared property, funded by monthly condo fees that each owner pays. Condos suit buyers who want lower-maintenance living, but the fees and building rules are important factors to weigh against a freehold home.
Frequently asked questions
Related terms
FreeholdA form of property ownership where you own both the building and the land it sits on.Detached HomeA freestanding residential structure not attached to any other dwelling.TownhouseA multi-story home that shares walls with adjacent properties.Property TaxAn annual tax paid to the municipality based on the assessed value of the property.
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