A condo, short for condominium, is a type of housing where individuals own a private unit within a larger building or community.

Here's a breakdown of key aspects:

• Individual Ownership: You own your specific unit outright, similar to owning a single-family home. This includes the interior walls, floors, and ceilings of your unit.
• Shared Common Areas: Condo owners collectively own the common areas of the building or community, such as hallways, lobbies, elevators, gyms, pools, and landscaping.
• Condo Associations and Fees: A condo association (or homeowners association - HOA) manages the common areas and enforces community rules. Owners pay monthly fees (condo fees or HOA dues) to cover maintenance, repairs, insurance for the common areas, and other shared expenses. Investopedia
• Governing Documents: Condo ownership is governed by legal documents, including the declaration of condominium (or CC&Rs - covenants, conditions, and restrictions), bylaws, and rules and regulations. These documents outline the rights and responsibilities of owners, restrictions on use, and the association's powers.

In summary, a condo offers a blend of individual homeownership and shared responsibility for common areas, often appealing to those seeking a low-maintenance lifestyle.