What is the definition of a condominium? | Chiang Mai Open Realty
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What is the definition of a condominium?

What is the definition of a condominium?

In Thailand a condominium is defined as “a residential building that can have its individual units sold to private people for personal property ownership” The occupants of a condominium share ownership of areas of common use, i.e. swimming-pools, garden areas, a fitness center, the lobby area and so on.

The main difference between condos and single homes is that there is no individual ownership of the land. All the land in the condominium project is owned equally by all the unit owners. Usually, the exterior maintenance is paid for with fees collected from the unit owners which should be managed according to strict rules. The exterior walls and roof are insured by the condominium association, while all interior walls and items are insured by each unit owner.