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Definition of 'Landominium'
A type of residential property in which the owner owns both the home and the land on which the home is built. The home is a part of a community, like a condominium, where the landscaping, maintenance and other services are provided by a homeowners' association.
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Investopedia explains 'Landominium'
Landominium communities often provide several amenities to their members. Such amenities include, tennis courts, man-made lakes, club houses and walking trails. However, these extra benefits can be offset by restrictions applied to residents by the homeowners' association. Restrictions include limitations on the type and color of flowers, trees, bushes and even fences.
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