Condominium
A condominium is a form of ownership in which a person owns an individual unit in a building or complex, along with a shared interest in the common areas such as hallways, grounds and amenities.
Condo owners pay association fees to maintain the common elements, and the association sets rules for the property. Condominium describes the ownership, not the building type, so a condo can be an apartment, a townhouse or a detached house.
The legal boundaries of each unit are set out in the condominium declaration and its plats and plans.
Condo units are often measured from the interior, drywall to drywall, rather than around the exterior as with houses. Fannie Mae condo appraisals use interior measurement. See how to measure condo square footage.
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