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Condominium

A condominium is a property type in which an owner purchases a unit but shares a common interest in the building and land with other unit owners. The owner has all rights to the interior of the unit but shares rights and responsibilities for the remainder of the property with the other unit owners. A condominium is a legal vehicle for ownership commonly used in multi-unit buildings with shared walls. A condominium owner association (COA) is created to administer the rules and regulations of the condo, to collect dues, and maintain the building and grounds of the condo community. The COA is usually responsible for the master insurance of the overall property, though individual owners typically insure the interior of their units separately. Condominiums can take many forms, from high-rise towers to two-unit detached homes sharing a single lot. Purchasing a condo involves added layers of complexity and it's wise to work with a broker who has extensive experience with condo regimes.