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 ?
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.
In reviewing the project earlier, the Affordable Housing Commission came up with two extremely pertinent questions: Why should the city pay a developer to build seven detached condominiums at $145,000 each when similar dwellings can be bought in the same neighborhood for about $130,000?
Slattery said the commission decision is based on a faulty interpretation of a new city ordinance allowing detached condominiums - a new type of housing for the city - and she and others are concerned that letting the project go through will set a nasty precedent.