What is an office or business condominium?
A condominium or “condo” is a legal form of real estate ownership which allows an individual or business to have exclusive use and control of the space that is actually needed, and to share with other similarly interested owners the use and responsibility for taking care of related property such as a parking lot, landscaping, and roof. At least in Pennsylvania, condos are individually deeded and taxed. Condos are regulated by The Pennsylvania Uniform Condominium Act, which provides considerable consumer protection, especially by requiring that a buyer must have at least 15 days to review a detailed and informative Public Offering Statement prior to purchase. While residential condos have been popular for many years, office and business condos are relatively new to Pennsylvania.
