<P> Technically , a condominium is a collection of individual home units and common areas along with the land upon which they sit . Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home . The boundaries of that space are specified by a legal document known as a Declaration , filed on record with the local governing authority . Typically , these boundaries will include the wall surrounding a condo , allowing the homeowner to make some interior modifications without impacting the common area . Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium 's creation . The corporation holds this property in trust on behalf of the homeowners as a group -- it may not have ownership itself . </P>
<P> Technically , a condominium is a collection of individual home units and common areas along with the land upon which they sit . Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home . The boundaries of that space are specified by a legal document known as a Declaration , filed on record with the local governing authority . Typically , these boundaries will include the wall surrounding a condo , allowing the homeowner to make some interior modifications without impacting the common area . Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium 's creation . The corporation holds this property in trust on behalf of the homeowners as a group -- it may not have ownership itself . </P>
who owns the land a condo is built on
who owns the land a condo is built on
the homeowners as a group
the homeowners as a group