title to a unit of real property which, in reality, is the airspace which an apartment,
office or store occupies. An increasingly common form of property title in a multi-unit
project, condominiums actually date back to ancient Rome, hence the Latin name.
The owner of the condominium also owns a common tenancy with owners of other units
in the common area, which includes all the driveways, parking, elevators, outside
hallways, recreation and landscaped areas, which are managed by a homeowners' or
tenant's association. If the condominium unit is destroyed by fire or other disaster,
the owner has the right to rebuild in his/her airspace. Most states have adopted
statutes to cover special issues involving development, construction, management
and taxation of condominium projects.
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