condominium

     

A conominium, or condo, is a form of housing tenure where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece. Colloquially, the term is often used to refer to the unit itself in place of the word "apartment".

Trivia about condominium

  • A privately owned apartment gains its strength from this element
  • You buy, not rent, units of this element
  • (Jeff Probst reports from Vanuatu.) In colonial times, Britain & France ruled Vanuatu in a joint arrangement known as this; locals just called it pandemonium

Found pages about condominium