real estate

Condominium

The ownership of an apartment or unit in its entirety, typically within a multi-unit building, on the basis of a legal description of the airspace that the unit actually occupies, in addition to an undivided interest in the ownership of the common elements, which are owned together with the other condominium unit owners. A parcel, also known as a development parcel, refers to the full piece of real land that is included into a condominium complex. One apartment or area inside a condominium or portion of a property that is designed for independent use and has authorized access to the public way is referred to as a unit. This may also refer to a portion of a property. In addition, ownership of a single unit confers a distinct and undivided stake in the building's common areas.