Definition
A form of ownership in which an owner holds title to an individual unit plus a share of common elements.
Example
Condominium financing requires the project itself to meet lender warrantability standards.
Related terms
Frequently asked questions
What does Condominium mean in real estate?
A form of ownership in which an owner holds title to an individual unit plus a share of common elements.
How is Condominium used in practice?
Condominium financing requires the project itself to meet lender warrantability standards.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.