Condominium : A system of ownership of individual units in a multi-unit structure, combined with joint ownership of commonly used property (sidewalks, hallways, stairs, etc.). Condo ownership generally extends to a percentage of the common areas.

HOA (Home Owners Association) fees are charged to the owner, usually monthly, for maintenance costs of the common areas and the exterior building. HOA fees may include utilities. Make sure you are aware of ALL costs included with HOA fees! HOA fees can add up to several hundred dollars a month.