What is a Condominium?
A condominium is actually a legal definition that refers to the method of ownership, not the type of building. Any type of home—including suites in low rise or high rise towers or townhouses—can be a condominium.
The word condominium comes from the Latin "con" meaning jointly, and "dominium" meaning ownership or control. A condominium is created when the Declaration of Condominium, together with the plat and building plans are recorded in the county where the property is located.
When you own a condominium, you have individual title to the air space contained within the walls, floors and ceilings of your unit, and an undivided share in all of the "common areas" of the condominium project in which the unit is located. The term condominium is often used interchangeably to mean either the project as a whole, or the individual unit.
From a technical viewpoint, the project is the condominium; the individual living unit is referred to as the apartment or unit. Condos can come in all sizes and shapes, from high-rise luxury towers to older, converted apartment houses.
The division between exclusive and common ownership exists regardless of the form or design of the project. The project may take the form of a high-rise, duplex, townhouse, or single family dwelling. In other forms of condominium projects, such as mobile homes, campgrounds or marinas, the exclusive ownership may be merely a cube of airspace within which a mobile home, recreational vehicle or boat is parked or anchored. The common ownership would be the land and improvements such as concrete pads and piers and the utility systems.
In your particular community, the inner space, which you own, is yours to decorate, to maintain and to live in. Typically, everything else in the condominium development—the sprinkler system, the storm sewer system, the land, the streets, etc.—is referred to as a “Common Element.”
Condo living is much different from owning or renting a single dwelling home or apartment. This is because of the dual nature that comes with a condo unit ownership. Each condominium complex is a community in itself and each owner accepts and follows the standard rules and regulations unique to condo living.
The condominium style of ownership dates back to early Roman times. By the Middle Ages, separate ownership of rooms and floors within a building was common throughout Europe. In the United States, condominiums were first popularized along the Eastern Seaboard and in resort areas. Today, condos are in high demand in many urban markets and often sell out completely before construction is finished.
Each of the states and territories of the United States has its own condominium law. By 1969, all 50 states had passed specific legislation enabling condominium ownership.