A condominium regime, also known as a condominium or condo, is a form of real estate ownership where individual units within a larger property are owned by individual owners, while common areas and facilities are jointly owned and managed by all unit owners. It’s a type of real estate development that combines elements of both individual ownership and shared community living. In a condominium regime, each unit owner has exclusive ownership and control over their individual unit, which could be an apartment, townhouse, or other type of dwelling. This means they can buy, sell, mortgage, or lease their unit as they see fit, subject to the rules and regulations of the condominium association. However, certain areas and amenities within the property, such as hallways, elevators, swimming pools, fitness centers, parking lots, and landscaping, are typically considered common areas. The responsibility for maintaining and managing these common areas falls on the shoulders of the condominium association, which is typically made up of all the unit owners. The association is funded through the collection of monthly fees or assessments from each unit owner, which are used to cover the expenses associated with maintaining and operating the shared facilities. Condominium regimes are governed by legal documents, such as the declaration (also known as the master deed), bylaws, and rules and regulations, which outline the rights and responsibilities of both the individual unit owners and the condominium association. These documents cover issues like maintenance responsibilities, restrictions on alterations to individual units, guidelines for using common areas, and dispute resolution procedures. It’s important to note that condominium living involves a balance between individual autonomy and shared community living. While owning a condo allows for more independence compared to renting, unit owners must also adhere to the rules and decisions made collectively by the condominium association.