PALM BEACH WATERFRONT CONDOS FROM $99,900
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A condominium, frequently shortened to condo when it refers to residential buildings, is a form of multifurcated real property tenure. Specified units of the property are separately owned, and the remainder of the property is collectively owned.
Residential condominiums are frequently constructed as apartment buildings. Unlike apartments, which are leased by their tenants, condominium units are owned outright. Additionally, the owners of the individual units also collectively own the common areas of the property, such as hallways, walkways, laundry rooms, etc.; as well as common utilities and amenities, such as the HVAC system, elevators, and so on.
Many shopping malls are industrial condominia 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.
The common areas, amenities and utilities are managed collectively by the owners through their owners’ association.
The term “Condominium” is used throughout the United States and in most Canadian provinces. Strata title is used in the Canadian Province of British Columbia, as well as in Australia and New Zealand; while commonhold is used in the United Kingdom and the term used in South Africa is sectional title.
Italy uses condominio, which is simply the modern Italian form of condominium, which is Latin. Both condo and condominium are used colloquially in the Canadian Province of Quebec, where the official term is copropriété divise or “co-property devise” (the noun “devise,” rather than the verb). In France, however, the term is simplycopropriété, “co-property,” and the common areas of these properties are usually managed by a Syndicat de copropriété or “co-property union” (“union” in the sense of “association”).
Spanish-speaking nations and regions use the term propiedad horizontal, literally meaning “horizontal property” but abstractly meaning that all owners of the property are equal, viz. on the same level.