A condominium is a property ownership form in which each buyer owns an individual unit and shares ownership of common areas.
Condominium ownership separates a building or development into privately owned units, such as apartments, offices, or townhouses. Owners usually hold title to their unit and an undivided interest in shared facilities, which can include corridors, elevators, roofs, gardens, gyms, and swimming pools.
A condominium association or similar body manages the common property. Owners typically pay regular assessments for maintenance, insurance, repairs, and long-term reserves. The association also operates under rules governing matters such as alterations, pets, parking, and use of shared spaces.
The term and legal structure vary internationally. In some countries, comparable arrangements are called strata title or commonhold. A cooperative is different: residents generally own shares in a corporation that owns the whole building, rather than holding direct title to their individual apartment. A leasehold is also different because it concerns a time-limited right to occupy or use property.