What is a Condo? Explained in 97 Words
A condominium, or “condo” for short, is an individual unit privately owned within a building of other units.
Condo buildings and townhouses can be owned in the form of a condo. Private ownership is from the exterior walls in and a percentage of the common areas. Here’s a few common area examples…
- Outside hallways
- Parking lots
All owners within the condo building make decisions together and follow rules established by By-Laws and Declarations. The condo association and board of directors oversees the covenants, conditions, and restrictions. Owners elect the board of directors.
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