How is owning a condominium different than owning a house?
The term “condominium” describes a type of property ownership rather than a type of property. Condominium can describe just about any variety of housing, whether townhouse, detached houses, or high rise apartments. What makes the condominium different is that owners agree to share in ownership of common property, while keeping ownership of living quarters as individuals. Thus, ownership of the individual unit is pretty much just like owning a house with all of its associated rights, privileges and maintenance costs, but the unit owner is also part of a collective ownership arrangement with its distinct rights, privileges, limitations, and costs.
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