condominium
A housing project in which the property is divided into individual units, each owned by a different owner. The unit owner typically holds the title to his unit as well as an undivided interest in common areas of the complex. He may also have rights to the exclusive use of some limited common areas. Condos may be attached or detached, within a single building or in a large townhouse complex.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
condominium
Noun: condominium, condo (one of the dwelling units in a condominium)
Noun: condominium (housing consisting of a complex of dwelling units (as an apartment house) in which each unit is individually owned)
- condominium -
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