Consortium
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.
