Condominium

Condominium ownership separates a property into:

 

•Individual ownership elements

•Common ownership elements

•Limited common ownership elements

 

The living area is owned by the occupant is called a unit.  The most likely ownership is fee simple in the unit.

 

A common ownership element is an area owned and used in common such as a swimming pool, grounds, roads, etc.  The owners have a tenancy in common in the shared area.

 

A limited common ownership element is an area owned in common but which use is limited to specific owners such as a wall between units.

 

Any type of property can be a condominium including residential, commercial, offices, etc.

 

A condominium may be owed as tenants in common, joint tenants, or any other legal form of ownership.

 

If an owner defaults on his taxes or mortgage payment, the lienholder has the option of foreclosing on the unit but action may not be taken against the rest of the owners or against the common areas.

Page url: http://www.georgiaappraiser.com/glossary/index.html?condominium.htm