condominium

Related Terms
Single, individually-owned housing unit in a multi-unit building. The condominium owner holds sole title to the unit, but owns land and common property (elevators, halls, roof, stairs, etc.) jointly with other unit owners, and shares the upkeep expenses on the common-property with them. Unit owner pays property taxes only on his or her unit, and may mortgage, rent, or sell it just like any other personal property.

Use 'condominium' in a Sentence

A condominium in the right location can be a great real estate investment if you get in at the right place and time.
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The condominium on the bluffs overlooking the river on the other side of town is widely known to be a drug den of ill repute.
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Rather than buying a house a person can rent a condominium, a house that is part of a unit with shared property like elevators, hall, stairs, with other owners.
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