What does condominium?

A condominium, often referred to as a "condo," is a type of real estate ownership where individuals own individual units within a larger building or complex while sharing ownership of common areas and amenities, such as hallways, pools, and landscaping. Condominiums typically involve a homeowners' association (HOA) that manages the overall property, enforces rules, and collects fees for maintenance and services. This arrangement allows for a blend of private ownership and shared responsibility, appealing to those seeking a low-maintenance lifestyle.