condominium

n. joint dominion over a territory; apartment building in which the apartments are individually owned; apartment in such a building

A condominium, or condo , is a form of housing tenure. It is the legal term used in the United States and in most provinces of Canada. In Australia and the Canadian province of British Columbia it is referred to as strata title. Quebec knows it as syndicates of co-ownership. In England and Wales the equivalent is commonhold, a form of ownership introduced in 2004 and at this time is uncommon. Colloquially, the term "condo" is often used to refer to the unit itself in place of the word "apartment". Technically, the condominium is the whole collection of individual home units along with the land upon which they sit. Individual home ownership is composed of only of the air-space within the boundaries of the home, as defined by a document known as a Declaration, filed of record with the local governing authority. Typically these boundaries will include the sheetrock surrounding a room, allowing the homeowner to make some interior modifications without impacting the common area: Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium’s creation. The corporation holds this property in trust on behalf of the homeowners as a group – it does not have ownership itself.
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Noun
1. one of the dwelling units in a condominium
(synonym) condo
(hypernym) dwelling, home, domicile, abode, habitation, dwelling house
2. housing consisting of a complex of dwelling units (as an apartment house) in which each unit is individually owned
(hypernym) housing, lodging, living accommodations
(part-meronym) condo

n. condominium, joint dominion over a territory

n. condominium, joint dominion over a territory