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 ?
They are Palmdale's first single-family detached condominiums, Rabin says; Anden introduced them in the belief that Rhapsody's active target market would be attracted to the low-maintenance lifestyle.
Sal Del Valle, a resident and a pilot at the airport, said the two-story, detached condominium project at 16536 Nordhoff St.
She enjoyed the quiet neighborhood, wide open spaces and towering Santa Monica Mountains around her home until last month, when the Planning Commission approved a 208-unit single-family detached condominium project in the Dos Vientos Ranch development.