condominium
Synonyms: condo
No, this word does not mean “luxury apartment building”. This is actually a type of property ownership where a group of people own a property together. In this arrangement, each person owns their individual unit (townhouse or apartment) outright, and has the exclusive use of certain other areas (such as their personal driveway, backyard, or parking space). However, everyone equally shares the remaining areas, which are known as the common elements. (Examples of common elements include tennis courts, a swimming pool, walkways, grasslands, and so forth.) Generally, each person pays condominium fees to the condominium corporation; these fees are pooled together and used to pay for the maintenance of the common elements.
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