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Condominiums / Condos Defined: Wikipedia definition: CONDOMINIUM - A term used to refer to the unit itself in place of the word "apartment". A condominium may be simply defined as an "apartment" that the resident "owns" as opposed to rents... more
CREB definition: CONDOMINIUM - Shared ownership in property. Owners have title (ownership) to individual units and a proportionate share in the common elements. Condominium - Apartment Buildings - OR - Type of Ownership of Real Property? So which is it? Condominiums are a form of property ownership. Condo does not refer to a type or style of property. It's impossible to identify if a property is a Condo or not by physically looking at it. There are apartment buildings that are NOT CONDOS and Single Family Homes that are. Condominiums can only be verified as Condos by looking at the Titles of the Property So lets now look at some common Condominium... Types - Styles - Pros & Cons |
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