Condominium
National Real Estate Exam glossary · Property Ownership
Definition
A form of ownership in which an individual holds fee simple title to a defined unit together with an undivided fractional interest, as a tenant in common, in the common elements (land, lobbies, roof, grounds). Each unit is separately deeded, taxed, and financed.
Condominium in plain English
A condominium is a way of owning a home inside a bigger shared building or complex. You fully own your own unit — it's completely yours to sell, borrow against, and pay taxes on — but you ALSO own a small slice of all the shared stuff: the lobby, the roof, the grounds, the hallways. Picture a pizza where you get your own personal slice to keep, while everyone who owns a slice also co-owns the crust around the whole pie together. That shared ownership of common areas is what makes a condo different from just owning a regular house.
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