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Condominiums and Cooperatives
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What is a condominium?
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A
A type of housing unit that is owned individually but shares common areas with other units in the same building.
💡 Explanation:
A condominium is a type of housing unit that is owned individually but shares common areas with other units in the same building. The owner of a condominium unit has a deed to their unit and is responsible for paying their own mortgage, property taxes, and insurance. However, the owner also pays a monthly maintenance fee to the condominium association, which is responsible for maintaining the common areas of the building.