What does condominium?

Condominium (*condo* for short) is a legal concept of property ownership that refers to an owned individual unit within a multi-unit building/estate and is jointly owned along with other property owners in the property estate that the particular building is situated. Condominium owners (in most cases) own the interior of their unit and share ownership of all the building elements that constitute "common elements".

Example

1985–90; < AmE > condo A high-rise condominium overlooks the sea.