Condominium Legal Meaning and Definition

Here is a simplified definition of the legal term Condominium.

Condominium (noun): A condominium, often shortened to condo, refers to a type of housing where a person owns a specific unit within a multi-unit property and also shares ownership of the building’s common areas, such as parking lots, elevators, hallways, and recreational facilities. Ownership of these shared spaces is managed by a homeowners' association, made up of the property's residents or owners. The association is usually responsible for the management and upkeep of the common areas.