A condominium, or condo for short, is a type of housing or residential complex in which a building (or group of buildings) is divided into multiple units that are either each separately owned or owned in common with exclusive rights of occupation by individual owners. Here are some key features of a condominium:

• Each unit is owned separately, and ownership usually includes a nonexclusive interest in certain "community property" controlled by the condominium management.
• Condo owners jointly own shared common areas within the community, such as pools, garages, elevators, and outside hallways and gyms, to name a few.
• Condominium management is usually made up of a board of unit owners who oversees the daily operation of the complex, such as lawn maintenance, snow removal, and building updates.
• Condos can be found in high-rise buildings, detached condos, and commercial properties such as office condominiums.
• Condos are popular for people who want to own a residence but don’t want to deal with the upkeep that comes with owning a single-family home.
• Structurally, condos and apartments can look the same, but the key difference between a condo and an apartment is ownership: You own a condo, and you rent an apartment.
• Condos are governed by condominium association rules (called covenants, conditions, and restrictions, or CC&Rs) and fees.

In summary, a condominium is a type of housing or residential complex in which a building is divided into multiple units that are either each separately owned or owned in common with exclusive rights of occupation by individual owners. Condo owners jointly own shared common areas within the community, and condominium management is usually made up of a board of unit owners who oversees the daily operation of the complex.