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Definitions of Condominium

• Condominium (or condo), is a form of housing tenure. The condominium is the group of units along with land on which it sits. Condo unit ownership consists of the air-space within the boundaries of the unit, defined by the condo document or Declaration, and filed or recorded in the local courthouse. All real property outside the unit boundary is titled as undivided ownership by a legal entity established when the condominium was created. The legal entity holds the common area property in trust on behalf of the condominium owners association. This definition of Condominium contributed by thataway61.