Condominium

A condominium is a method of common property ownership (this is a functional and not a legal definition). In most cases in involved owning the land in common with all of the other unit owners. In some the structures are also owned by the condominium association and only the "interior wall surfaces" are under the direct ownership and control of the association.

Since many condominium complexes are multi unit structures, the term has been confused with a style of construction. But town-home style structures, detached single family homes, marinas and parking lots can be owned as condominiums. For example, it is possible to own a slip for a boat in a marina that is a condominium (that yacht is extra).

See: Condominiums