condominium

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condominium

n. title to a unit of real property which, in reality, is the air space which an apartment, office or store occupies. An increasingly common form of property title in a multi-unit project, condominiums actually date back to ancient Rome, hence the Latin name. The owner of the condominium also owns a common tenancy with owners of other units in the common area, which includes all the driveways, parking, elevators, outside hallways, recreation and landscaped areas, which are managed by a homeowners' or tenants association. If the condominium unit is destroyed by fire or other disaster, the owner has the right to rebuild in his/her airspace. Most states have adopted statutes to cover special issues involving development, construction, management and taxation of condominium projects. (See: common area)

condominium

joint ownership. The term has come to describe a flat held in this way, especially in the USA.
References in periodicals archive ?
With support from the Fannie Mae Foundation and Washington Mutual, CFLT currently has five projects totaling 319 units and representing $64 million in real estate investments scheduled to begin construction in the next fiscal year, including single-family homes, townhouses and detached condominiums.
He said the four-bedroom detached condominiums will have the same 1,800 square feet indoors and same $175,000 to $190,000 price tag as neighboring homes.
The Quadrant homes are detached condominiums that range from 924 to 1,450 square feet.
New housing tracts of what are called detached condominiums, homes placed only six feet apart, are not the type of development our city should be encouraging.