Condominium
A home where you own your unit and share ownership of common areas like halls, roofs, and grounds. An HOA manages the building, and monthly dues cover shared costs.
Also called: condo
Related terms
The organization that runs a condo, townhouse, or planned community. It collects dues, maintains common areas, and enforces rules that owners must follow.
A multi-level home that shares one or more walls with neighbors. Depending on the legal setup it may be owned like a house with its own land or like a condo.
A building owned by a corporation, where buyers purchase shares that give them the right to live in a unit. A co-op board usually must approve buyers, and financing rules differ from condos.
An extra charge from an HOA or local government to pay for a big project like a new roof or road. Buyers should ask whether one is planned before closing.
A community where you own your home and its lot, plus a share of common areas run by an HOA. Lenders treat PUDs differently from condos.