Condominium (Commercial/Residential)

Ownership in a commercial or residential property where individual units of a larger, multi-unit facility or complex are purchased rather than rented. Owners of condominium units own the units themselves and have the right, along with other owners, to utilize, as well as the obligation (through condominium association fees) to maintain, common areas but does not own common elements such as exterior walls, floors or ceilings nor structural systems beyond the unit itself.