condominiums

Condominiums, or condos, are a form of housing in which individuals own a specific unit within a multi-unit building or development and share ownership of common areas such as lobbies, hallways, and amenities. Ownership consists of a fee simple title to the individual unit plus an undivided interest in the common elements, held through a condominium association.

Condo developments are governed by documents that establish rights and responsibilities, including a declaration (or master deed), bylaws, articles of incorporation, and rules. A board of directors elected by unit owners administers the association, oversees budgets, enforces rules, and makes decisions about maintenance and improvements.

Finances are typically managed through regular dues paid by unit owners. Dues cover the upkeep of common areas, insurance for the property, management costs, utilities for shared spaces, and reserves for major repairs. Some associations levy special assessments to fund large projects or unexpected expenses.

Units are individually owned, with residents free to live in or rent out their units, subject to association rules. Common restrictions may address rental limits, pet ownership, architectural changes, and use of amenities.

Condominiums differ from cooperatives in ownership structure. In a condo, owners hold title to their unit and a share of the common elements; in a co-op, residents own shares in a corporation that leases units to residents.

Condominium living is common in urban, suburban, and resort areas, offering access to shared amenities and professional maintenance. Legal protections, financing terms, and tax implications vary by country and region.