Real Estate Glossary Term
Condominium

The absolute ownership of an apartment or a unit, generally in a multi-unit building, based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned together with the other condominium unit owners. The entire tract of real estate included in a condominium development is called a parcel or development parcel. One apartment or space in a condominium or part of a property intended for independent use and having lawful access to the public way is called a unit. Ownership of one unit also includes a definite undivided interest in the common elements.

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