A ******inium (or condo for short) is a building structure divided into several units that are each separately owned, surrounded by common areas that are jointly owned.
Residential ******iniums are frequently constructed as apartment buildings, but there are also "detached ******iniums", which look like single-family homes, but in which the yards (gardens), corridors, building exteriors, and streets as well as any recreational facilities (like a pool or pools, bowling alley, tennis courts, golf course, etc.), are jointly owned and maintained by a community association.
Unlike apartments which are leased by their tenants, ******inium units are owned outright. Additionally, the owners of the individual units also collectively own the common areas of the property, such as corridors/hallways, walkways, laundry rooms, etc., as well as common utilities and amenities, such as the HVAC system, elevators, and so on. Many shopping malls are industrial ******iniums in which the individual retail and office spaces are owned by the businesses that occupy them while the common areas of the mall are collectively owned by all the business entities that own the individual spaces.
The common areas, amenities, and utilities are managed collectively by the owners through their association, such as a homeowner association.
Scholars have traced the earliest known use of the ******inium form of tenure to a document from first-century Babylon. The word ******inium originated in Latin.
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