What is Condominium (Condo)?
A condominium is a unit you own individually within a larger building or community, where you share ownership of common areas like hallways, roofs, and amenities with other owners. You own the interior of your unit, and a homeowners association maintains the shared spaces, funded by monthly dues. Condos often cost less than houses but come with HOA rules and fees.
Example: A buyer purchases a condo and owns their unit outright while paying monthly HOA dues that cover the building exterior, landscaping, and pool.