condominium


con·do·min·i·um

noun \ˌkän-də-ˈmi-nē-əm\

: a room or set of rooms that is owned by the people who live there and that is part of a larger building containing other similar sets of rooms

: a building that contains condominiums

plural con·do·min·iums also con·do·min·ia\-nē-ə\

Full Definition of CONDOMINIUM

1
a :  joint dominion; especially :  joint sovereignty by two or more nations
b :  a government operating under joint rule
2
:  a politically dependent territory under condominium
3
a :  individual ownership of a unit in a multiunit structure (as an apartment building) or on land owned in common (as a town house complex); also :  a unit so owned
b :  a building containing condominiums

Origin of CONDOMINIUM

New Latin, from Latin com- + dominium domain
First Known Use: circa 1714

condominium

noun    (Concise Encyclopedia)

In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. This type of ownership has been present in Europe since the end of the Middle Ages; in the U.S. it dates to the latter half of the 19th century and has been popular in crowded urban areas. An alternative to the condominium is the cooperative, in which residents own a share of a corporation, with each share entitling the owner to reside in a particular unit in the building.

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