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).

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RELATED FAQS
  1. Can FHA loans be used for condos?

    A borrower can obtain Federal Housing Administration (FHA) loans to finance the purchase of a condominium as long as the ... Read Full Answer >>
  2. What is the difference between capitalization rate and rent?

    Rent and capitalization rate are both factors that determine whether a real estate purchase is a wise investment. Rent is ... Read Full Answer >>
  3. Can real estate agents help renters find rental property?

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