A building developed as a condominium (and sold in individual units to different owners) could actually be built at another location as (for example) an apartment building (the developers would retain ownership and rent individual units to different tenants). What defines a condominium is the form of ownership. There is no way to differentiate a condominium from any other residential building simply by looking at it or visiting it. The difference between a complex of residences, such as an apartment building, and a condominium is purely legal. ( December 2020) ( Learn how and when to remove this template message) Unsourced material may be challenged and removed.
Please help improve this section by adding citations to reliable sources. The word condominium originated in Latin. Scholars have traced the earliest known use of the condominium form of tenure to a document from first-century Babylon. The common areas, amenities, and utilities are managed collectively by the owners through their association, such as a homeowner association. Many shopping malls are industrial condominiums in which the individual retail and office spaces are owned by the businesses that occupy them while the common areas of the mall are collectively owned by all the business entities that own the individual spaces. Additionally, the owners of the individual units also collectively own the common areas of the property, such as corridors/hallways, walkways, laundry rooms, etc., as well as common utilities and amenities, such as the HVAC system, elevators, and so on. Unlike apartments which are leased by their tenants, condominium units are owned outright. Residential condominiums are frequently constructed as apartment buildings, but there are also "detached condominiums", which look like single-family homes, but in which the yards (gardens), corridors, building exteriors, and streets as well as any recreational facilities (like a pool or pools, bowling alley, tennis courts, golf course, etc.), are jointly owned and maintained by a community association. VetRewards Cardholders with a current subscription to The New York Times may contact The New York Times Customer Care at 1-80 to request this offer.A condominium (or condo for short) is a building structure divided into several units that are each separately owned, surrounded by common areas that are jointly owned.
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