Condominium
FreddieMac
Updated 10-31-2026
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 areas 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 insurance on the common areas and reserves for improvements.
FreddieMac Glossary
FreddieMac · p. 4
FTC
Updated 10-31-2026
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 areas but does not own the common elements such as the exterior walls, floors and ceilings or the struc-tural systems outside of the unit; these are owned by the condominium associa-tion. There are usually condominium as-sociation fees for building maintenance, property upkeep, taxes and insurance on the common areas and reserves for improvements.
FTC Real Estate Terms
FTC · p. 4
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