Condo FAQsWhat is a condo?
A condo, or condominium, is usually a building that looks suspiciously like an apartment building or complex, but these apartment-like units are sold individually. Buying a condo unit gives you ownership interest in the three-dimensional space that is your home. It also gives you partial ownership interest in the common areas and, in some cases, a parking place. As the owner of the home, you agree to be a member of the homeowners association, which provides maintenance for the common areas and the structure itself. This includes open spaces, pools, roofs, staircases, balconies, etc.
