In this multiple-ownership property, a purchaser holds title to a specific unit in a high-rise, building complex or townhome community. Condominiums come in various design styles such as contemporary, vintage or loft. The buyer also has a percentage of ownership in the underlying land and common elements such as elevators, stairways, hallways and parking. Each owner pays taxes on his or her unit, as well monthly assessments the condominium association uses to maintain, repair and improve the property. Owners elect a condominium board, which governs the association and in most instances must approve new buyers. Condo owners must abide by the association's rules and regulations.
A structure of two or more units, the interior space of which are individually owned; the balance of the property (both land and building) is owned in common by the owners of the individual units. The size of each unit is measured from the interior surfaces (exclusive of paint or other finishes) of the exterior walls, floors, and ceilings. The balance of the property is called the common area.