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A condominium often shortened to 'condo' in the US, is a privately owned living space unit within a building of other units.
Legally speaking, a condo is a common interest subdivision. Thus a condo owner has separate ownership of the airspace of their unit and common ownership of land and common areas with other owners. Common areas are areas for the use and benefit of all owners in the common interest development (think hallways, the roof, some exterior elements, and connections to utilities, but also clubhouses, courtyards, swimming pools, etc). Certain common areas that are reserved for the exclusive use of designated owners are considered limited common elements or "exclusive use common areas" (think parking spaces or storage lockers). The boundaries of the units and common areas are laid out in a legal document known as a Declaration that is filed with the local government. Condo owners' property taxes will include a share of their common areas.
Not all condos start as one. In fact, multi-unit buildings such as apartments or tenancies-in-common can undergo a process known as condominium conversion that allows them to convert their units into separate interests.
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