Legally speaking, a condominium is a form of property ownership with Condo Contributions, also known as Condo Fees, ownership is broken into two parts.

For one part, you own the legal title to the apartment or townhome unit, meaning you own and are responsible for maintaining and repairing everything inside the home itself.

The second part is the joint ownership of what’s called the common property, you own this in partnership with the other owners in the area. This includes things like shared land, hallways, landscaped areas, and the exteriors of the homes.

When we build a new condominium community we form something called a Condominium Corporation which is an entity that will help manage the maintenance of the property on behalf of all the owners. This corporation will be governed by owners that are elected to the Condo Board.