Explain what do you mean by Condominiums

Question

Explain what do you mean by Condominiums?

Answer 1

A condominium owner has both individual ownership and shared ownership. The owner obtains title to a specific apartment or unit (more specifically a slice of air space above the real property). He or she becomes a tenant in common of all common areas such as hallways, walkways, and recreational areas. The condominium owner also obtains a third set of rights, the right to vote on matters concerning the condominium corporation, such as the creation of bylaws and the election of directors. A monthly fee is also paid to the condominium corporation for maintenance of common elements.