Condominium

Condominium means:
a form of real estate ownership in which each individual resident holds a deed and title to his or her house or apartment and pays a maintenance fee to a management company for the upkeep of common property such as grounds, lobbies, and elevators, as well as for other amenities. Condominium owners pay real estate taxes on their units and can mortgage, sublet, or sell as they wish. A condominium owner's tax position is equivalent to that of a single-family home owner.