What is the difference between a homeowner association, a condominium, and a co-operative?
A condominium is a form of property development and ownership whereby an owner owns his or her “unit” and an undivided interest in the remaining parts of the project. A developer has a great deal of flexibility in defining a unit: it can be the airspace inside the four walls of a building; it can be a boat well in a marina; it can be a lot on which the owner has the right to construct a residence; it can be parking space in a parking lot. The remaining parts of the project are divided into general common elements and limited common elements. Limited common elements are limited to the use of particular owners: a balcony or garage may be limited in use to one owner. A hallway or elevator may be limited to those owners who have a unit fronting off that hall or located in the building serviced by the elevator. General Common Elements are those parts of the project which may be used by all owners: sidewalks, roads, utility mains, swimming pools all fall within this category. A non-profit co
