Condominium Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Condominium, written in plain English, along with examples of how it is used.
What is Condominium?
It is a type of joint ownersip of real property in which certain portions are individually owned and certain commonly owned like parking space, elevators, community halls, or any form of common area by the tenanats or owners.The management and repairs of the common area is maintained by the common association whose memebers are the tenants or the owners of the property.
History and Meaning of Condominium
The term 'Condominium' is derived from the Latin word 'condominium' which means "co-ownership." It is a form of property ownership where individuals own their respective units or spaces within a larger building or development. The areas that are owned collectively are known as "common areas," which can include amenities like a pool, gym, or clubhouse.
The concept of condominium ownership was first introduced in the United States in the early 1960s, and it quickly gained popularity. Prior to this, multi-unit apartment buildings and commercial buildings were often owned by a single landlord who rented out the units to tenants. By contrast, condominium ownership provided individuals with the opportunity to own their own homes or investment properties without the responsibilities of managing the entire building.
Examples of Condominium
- John owns a condominium in a high-rise building downtown. His unit is a two-bedroom, two-bathroom apartment, and he has access to the building's gym, pool, and common areas.
- Sarah is looking to buy a vacation property in a popular beachfront town. She finds a charming condominium that is walking distance to the beach and has access to a private pool.
- The condominium association decides to raise monthly fees to cover the cost of necessary repairs to the building's roof and elevator. All owners must pay their share of the increased fees.
Legal Terms Similar to Condominium
- Cooperative: A type of housing where residents own shares of stock in the corporation that owns the property and are granted the right to occupy a specific unit or apartment.
- Timeshare: A form of ownership where individuals purchase the right to use a property for a specific period each year.
- Homeowner Association (HOA): An organization that manages a residential community and enforces certain rules and regulations on behalf of the community's residents.