A more thorough explanation:

A condominium, or condo, is a type of housing where each owner has the title to their own unit. Condos are part of a larger complex, and owners share ownership of common areas and amenities, such as a pool or gym. However, each owner is responsible for paying fees to the governing association that manages the complex.

For example, imagine a condo complex with 100 units. Each owner has the title to their own unit, but they also share ownership of the pool, gym, and other common areas. The governing association, made up of elected board members, manages the complex and collects fees from each owner to pay for maintenance and repairs.

Condos often come with restrictive covenants, which are rules that control how owners can use and maintain their unit. For instance, a condo complex might have a rule that prohibits owners from painting their unit a bright color or from renting out their unit on Airbnb.

Overall, condos offer a balance between ownership and shared amenities. Owners get the benefits of owning their own home, but also have access to shared spaces and services.