A condominium, often shortened to condo, refers to a private residential unit within a complex or building of multiple units. While individual condo units are separately owned, common areas are jointly owned by all condo owners.
A Homeowners' Association (HOA) is an organization created by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision. Most HOA structures include a volunteer board of directors elected by the members.
Homeowners' fees, also known as maintenance fees, are regular payments required by homeowner associations (HOAs) to cover the upkeep of common areas and amenities in a housing development.
