Condominium

A unit in a multiunit building. The owner of a condominium unit owns the unit itself and has the right, along with other owners, to use the common areasThose portions of a building, land, or improvements and amenities owned by a planned unit development (PUD) or condominium project’s homeowners’ association (or a cooperative project’s cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as... but does not own the common elements such as the exterior walls, floors, and ceilings or the structural systems outside of the unit; these are owned by the condominium association. There are usually condominium association fees for building maintenance, property upkeep, taxes and insuranceFunds collected as part of the borrower’s monthly payment and held in escrow for the payment of the borrower’s or funds paid by the borrower for, state and local property taxes and insurance premiums.... on the common areas and reserves for improvements.