Definition - What does Condominium mean?
A condominium is piece of real property that is a unit and is part of a larger group. Ownership is individualized for each unit. This means that many different people can own different "condos" in a condominium complex. Typically, condominiums include access to common space such as grass areas or an outdoor pool for all condo owners. Condominium complexes are also typically managed by a central corporation.
In the context of the law, a condominium is real property, and thus the owner and title holder has legal ownership, which is enforceable by law.
Justipedia explains Condominium
Condominiums are an alternative to houses. They are oftentimes less expensive as well, and this is why they create another option for people who are looking to purchase real estate.
So, for example, a person who has $100,000 saved, and who wants to invest in property, may purchase a condominium. In this case, the person may buy the condo outright instead of using the money to put a down payment on a more costly house, and take out a mortgage to finance the rest.