When you own a "condominium," you have a share in the ownership of the individual unit you bought, as well as a portion of the ownership of the shared spaces, like the lobby, hallways, and other "common areas."
These are questions that the above text answers:
1. What is the definition of a condominium in real estate law?
2. What are the shared spaces in a condominium?
3. What does it mean to have a share in the ownership of a condominium unit?
4. What are some examples of common areas in a condominium?
5. What are the benefits of owning a condominium?
6. What is the difference between owning a condominium unit and owning a single-family home?
7. How is ownership of a condominium unit different from ownership of a rental property?
8. Are there any restrictions on what owners can do with their individual condominium units?
9. Who is responsible for maintaining and repairing the common areas in a condominium?
10. Can owners make changes or renovations to the common areas in a condominium?