Expert Insights: What Is a Condominium?

    Condominiums are buildings in which individuals separately own the air space inside the interior walls, floors and ceilings of their unit, but they jointly own an interest in the common areas that they share, such as the land, lobby, hallways, swimming pool and parking lot.

    In addition to paying a mortgage, each owner is responsible for paying a monthly fee to the condo association, which is made up of the unit owners. The fee covers maintenance, repairs, and building insurance.

    Most condominiums are apartments, although there are mobile home condominiums, as well.

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