Condominiums (or condos) are a type of residential common interest development where each member owns the title to their unit. Each condo comes with a membership in the governing association, and the governing association elects a board of directors that manage the condo complex. Owners of condos benefit from the common areas and amenities that come from the complex, but each owner must pay routine fees to the governing association. Further, each condo title often comes with restrictive covenants controlling how owners use and maintain their unit.
[Last updated in June of 2021 by the Wex Definitions Team]