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A condominium in a building or residential complex.

Updated: Nov 6, 2023

A condominium in a building or residential

A condominium in a building or residential complex is created when the construction of the development is completed, and the owners of the individual units (apartments, houses, etc.) acquire those units. The condominium is a legal entity formed by the owners of these units and is regulated by the laws and regulations of the country where it is located.

As soon as an individual unit is sold to a buyer, that buyer automatically becomes a member of the condominium and has rights and responsibilities related to the management and maintenance of the building or complex. The condominium is responsible for taking care of common areas such as hallways, gardens, parking, recreational facilities, security, and other shared amenities.

Condominium management is typically carried out by an administrative body composed of owners elected in general meetings and is responsible for making decisions on financial matters, maintenance, and other community-related decisions. Each owner pays a monthly fee, known as a condominium fee, which is used to fund common expenses.

In summary, the condominium is created as soon as the first individual units are sold in a development, and owners organize themselves to collectively manage common areas and responsibilities.

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