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Condominium
Practical Law Glossary Item w-002-9048 (Approx. 3 pages)
Glossary
Condominium
A form of real estate ownership, usually of a multi-unit property, in which each unit is owned exclusively by an individual and the property's common elements are owned by all the unit owners as tenants in common.
While residential condominiums are the most common, condominium project types also include:
- Office.
- Industrial/warehouse.
- Retail.
- Hotel.
- Resort.
- Mixed use.
Regardless of the type of use, condominiums can be created both in newly constructed buildings or in existing buildings converted to condominiums from a previous use.
The basic elements of a condominium are:
- The individual ownership of each unit in fee simple.
- An undivided interest in the common elements, which typically include:
- recreation and common areas;
- common structural, mechanical, and electrical components of the condominium; and
- other areas or portions of the condominium commonly used by some or all unit owners or which service more than one unit or the entire condominium.
- A condominium declaration (or master deed) and condominium survey that create the condominium and govern its use, maintenance, and operation (see Practice Note, Condominium Declarations and Surveys).
Condominiums are created under and governed by the state and local law of the project's location.