Condominium ownership is a form of common ownership of property. Condominiums are the most popular type of common ownership of property which is why it is helpful for condominium owners and those considering owning property to understand condominium law.
When a party owns a condominium, they own part of the property separately and part of the property is jointly owned. Oftentimes, the jointly owned area is the common exterior area and, of course, the condominium itself is separately owned. Condominiums are a common form of residential real estate which makes them an important option for potential purchasers to understand.
It is important to note that condominiums exist in a variety of different forms, including in commercial real estate, and the term condominium refers to a type of ownership rather than an actual physical structure. That said, the most common type of condominium ownership is residential condominium ownership. Condominiums are bought and sold individually and are subject to a separate mortgage as a single-family home would be. Rights and duties associated with common interest ownership are important to be familiar with for any purchaser or seller of a condominium.
Owning a condominium is a form of home ownership than many individuals may consider today and should be familiar with. Understanding how the process of buying a condominium, selling a condominium and owning one can all be useful information. Residential real estate laws cover a wide range of concerns homeowners and potential homeowners will wish to familiarize themselves with, including the various aspects of owning a condominium.