Weekly Commercial Real Estate Terms

Condominium A type of ownership of single units (residential, industrial, office, or retail) or possibly multiple units in a multi-unit structure, combined with joint ownership of commonly used property (land areas, recreational facilities, garages, parking areas, sidewalks, hallways, stairs, lobbies, etc.). Any property type can be built or converted to this ownership arrangement. In most cases, individual unit owners hold title to the interior walls of their property. They also are members of the condominium association, which collectively owns the exterior walls of the structure, as well as the ground the structure sits on. Typically, each unit owner has to pay a regular fee to the association (called the “condo fee” or “assessment”) which is then used to maintain common areas, pay common utility bills, maintain landscaping, remove trash, etc.]]>