Condominium

DefinitionOwnership of an individual unit where each homeowner only owns their individual unit space and an undivided share in the ownership of common areas or in a common homeowner association (HOA). Generally, the ownership of the individual unit is described in a Condominium Plan and usually consists of ownership of the surface of the walls and the space within. The covenants, conditions and restrictions (CC&Rs) will detail what building components and other complex amenities are considered part of the common area and will describe the common area or HOA ownership percentages and maintenance responsibilities.