Condo Concepts

In general terms, residential Condominiums take what otherwise might have been an apartment, townhouse or house, and permit individual sales of the separate dwelling Units. All of the dwelling Unit owners own the common areas together and collectively pay for the upkeep and other common expenses. A Condominium, however, is not like living in an apartment because the owner is usually responsible for the maintenance and repair of everything within the Unit - the property manager does not fix it, as would be the case with a tenant. To better understand Condominium ownership, an understanding of certain key concepts is needed.