What exactly is a condominium?
The word “condominium” describes a specific form of ownership where an owner holds title to their individual unit, plus a fractional interest in the common areas and elements of the neighborhood. When you purchase in a condominium, you typically own your unit from the drywall inwards. Because the common areas and elements are jointly owned by all condominium owners, you pay for the upkeep of your share of these elements by way of monthly maintenance fees. Virtually any type of real estate (i.e. single family homes, townhouses, space within a high-rise) can be part of a condominium.
