Condominium

A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners. In condominium ownership, individually owned units are surrounded by common areas that are jointly owned and managed by the owners of the units. The term can be applied to the building or complex itself, and is sometimes applied to individual units. The term "condominium" is mostly used in the US and Canada, but similar arrangements are used in many other countries under different names. Condominiums are also sometimes referred to as horizontal property regimes (HPRs) or horizontal divisions. There are also rowhouse style condominiums, in which the units open directly to the outside and are not stacked. Alternatively, detached condominiums look like single-family homes, but the yards (gardens), building exteriors, and streets, as well as any recreational facilities (such as a pool, bowling alley, tennis courts, and golf course), are jointly owned and maintained by a community association. Many shopping malls are commercial condominiums in which the individual retail and office spaces are owned by the businesses that occupy them, while the common areas of the mall are collectively owned by all the business entities that own the individual spaces. In certain regions the term "apartments" is used to refer to owned or rented units. In other countries, apartments refers specifically to units that are leased by tenants, whereas condominium refers to units that are owned outright, and where the owners of the individual units also collectively own the common areas of the property. These may include the exterior of the building, roof, corridors/hallways, walkways, and laundry rooms, as well as common utilities and amenities, such as the HVAC...