A condominium, commonly called a condo, is a form of property ownership where a building or complex is divided into multiple individual units that are each owned separately by individuals. Owners have exclusive ownership of their individual units' interiors but share ownership and responsibility for common areas such as hallways, exterior walls, lobbies, pools, parking garages, and recreational facilities. These common areas are managed collectively by a homeowners association (HOA) or condominium association, which also collects fees from owners to maintain and repair shared spaces
. Condos can take various physical forms, including apartment-style units in high-rise buildings, rowhouses, townhouses, or even detached homes, but the defining characteristic is the ownership structure rather than the building type. Unlike apartments, which are rented, condos are individually owned properties. Owners typically own the "air space" inside their unit but not the land beneath it, which is jointly owned by all unit owners
. In summary, a condo is a privately owned residential unit within a larger community where owners share common property and amenities, with maintenance and management handled collectively through an association. This arrangement offers the benefits of homeownership with less individual responsibility for exterior upkeep and shared amenities
