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Lookup Value?: Condominium 

From Lookup Field?: CommonInterest Lookups

Definition (May contain conditions that must apply)

Ownership of  an individual unit where each homeowner only owns their individual unit space, and an undivided share in the ownership of common areas or in a common homeowner’s association (HOA). Generally, the ownership of the individual unit is described in a Condominium Plan and usually consists of ownership of the surface of the walls and the space within.  The CC&Rs will detail what building components and other complex amenities are considered part of the common area and will describe the common area or HOA ownership percentages, and maintenance responsibilities. 

Synonym(s)? 

Page Revision Date: Nov 02 2017

Form: LookupValue