A condominium, often abbreviated as condo, is a type of residential property divided into several units, each separately owned. It’s part of a larger complex where the common areas, such as hallways, pools, and recreational facilities, are jointly owned and maintained by the condo association. This association, typically comprised of unit owners, manages the building’s upkeep, enforces rules, and collects fees for maintenance and improvements. Condos offer a blend of individual ownership with community living, as residents own their individual units but share responsibility for the communal spaces and external structure of the building.