Condominium
A form of ownership in which a buyer holds fee simple title to an individual unit plus an undivided share of the common elements.
In a condominium, the owner holds fee simple title to the individual unit and an undivided share of the common elements, such as the lobby, pool, and parking. A condominium is created by recording a declaration of condominium.
Because the unit is real property, it can be mortgaged and conveyed like a house. A buyer of a new condominium from a developer has a 15-day right to cancel, while a resale buyer has 7 business days, excluding weekends and legal holidays, after receiving the condominium documents.
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- Cooperative (Co-op)
A form of ownership in which a resident owns shares in a corporation that owns the building and holds a proprietary lease for the unit.
- Common Elements
The parts of a condominium owned collectively by all unit owners, such as the lobby, pool, and parking.
- Fee Simple Absolute
The highest and most complete form of property ownership, with rights that last indefinitely and pass to heirs.
This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.