A form of property ownership in which each owner holds title to his/her individual unit, plus a fractional interest in the common areas of the multi-unit project. Each owner pays taxes on his/her property, and is free to sell or lease it.

Use condominium in a sentence

We had a condominium and were very happy with it and wanted to let our friends know what we had done.

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You may want to try and invest in a condominium in a good location that will have great long term value.

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When my wife and I decided to sell our house in the suburbs, we wanted to buy a smaller condominium in a high-rise building downtown that would be much closer to the action.

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planned unit development (PUD) replacement reserve fund