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Why is it called a condominium?

Etymology. Condominium is an invented Latin word formed by adding the prefix con- together to the word dominium dominion, ownership. Its meaning is therefore joint dominion or co-ownership.

How is a condominium different from a house?

Owners of single-family homes purchase the home structure and the land it sits on, while condo owners own just the unit they live in, not the larger building or the land on which its built. Generally, with a condo, the surrounding exterior space is shared among the condo owners.

What is condominium vs apartment?

The biggest difference between a condo vs. apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo is similar in structure to an apartment usually a unit within a larger residential building but condos are owned instead of rented.

What is the true definition of condominium?

A condominium, often shortened to simply condo, is a privately owned individual unit within a community of other units. In general, the owner usually owns the interior of their condo and the structural components of exterior walls.