A form of property ownership whereby a building is divided into separate units that are individually owned while the common areas of the building or complex are jointly owned by all unit owners. For example, an apartment building could be converted to a condominium. In such a case, individuals may purchase apartment units but the unit owners collectively are responsible for maintaining the common areas and external structures of the building. Generally, regular condominium fees are collected to cover the cost of maintaining common areas and property.
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