Condominium

Definition

• A structure containing two or more housing units. The interior space of each unit is individually owned while the remaining property (land, building, and other amenities) is owned in common by all the owners of the individual units.

Synonyms
accommodations, apartment, timeshare, townhouse, tenant-owned

Acronyms
condo

Alternate Spellings
condo

Related Terms and Acronyms

• Co-housing — Definition,
  • Also called cooperative housing and community housing, is an arrangement in which dwelling units have access to a shared space with a large kitchen, dining hall, laundry and children's play areas.
• Commercial Property — Definition,
  • A parcel in a district zoned for business.
• Common Area Assessment — Definition,
  • A levy against individual unit owners in a condominium or planned unit development to pay for upkeep, repairs, and improvements to the property's common areas, such as hallways, elevators, parkades, swimming pools, and gym facilities.
• Common Areas — Definition,
  • Areas of a building or land and the amenities owned (or managed) by a planned unit development, or condominium project's homeowners' association, or a cooperative project's cooperative corporation that are used by all of the unit owners who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common hallways of buildings, parkades, means of ingress and egress, etc.
• Common Interest Development (CID) — Acronym,
  • A housing area in which owners belong to a homeowners association that owns and maintains common areas.
• Condominium Conversion — Definition,
  • When an existing building such as a rental project changes to the condominium form of ownership.
• Condominium Fees — Definition,
  • Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
• Construction Loan — Definition,
  • A short-term interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
• Cooperative — Definition,
  • A residential project owned by a cooperative corporation. Residents own shares in the cooperation, which in turn gives them the right to live in the project.
• Cooperative Mortgage — Definition, Important,
  • A loan that allows the borrower to buy into a co-op project.
• Duplex (dup) — Abbreviation,
  • One building that contains two housing units.
  ➥ A two-unit complex.
• Fixed Time — Definition,
  • The time of year when the owner in a timeshare arrangement is scheduled to have occupancy.
• Investment Property — Definition,
  • Property bought with the hope of it making money.
• Multi-Family (mfam, MF) — Acronym & Abbreviation,
  • A building with more than four residential units.
• Single-Family Detached Home — Definition,
  • A house that one family lives in and is not attached to another house (like a duplex).
• Sublet — Definition,
  • An arrangement where a tenant leases property to a subtenant.
• Tenant — Definition,
  • One who rents property.
• Timeshare — Definition,
  • A form of multiple ownership of a piece of property in which each owner has access to the property for a period during the year. Most timeshares are vacation homes in resort areas.
• Townhouse (town, twnhse, th) — Abbreviation,
  • A house that is attached to or built close to other houses.
• Triplex — Definition,
  • One building that contains three housing units.