Condominium

DEFINITION of 'Condominium'

A large property complex that is divided into individual units and sold. Ownership usually includes a non-exclusive interest in certain "common properties" controlled by the condominium management.

BREAKING DOWN 'Condominium'

Condominium management is usually made up of a board of unit owners who see to the day to day operation of the complex (lawn maintenance, snow removal, etc).

RELATED TERMS
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  2. Limited Common Elements

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  3. Single Entity Coverage

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