What is a condominium association?
A condominium association is a cooperative whose purpose is to grant housing or premises in condominium association's property for their members (the tenant-owner). When you buy a condominium, you are part owner of the condominium association's assets and liabilities. It is a property that provides both rights and obligations. All part-owners within the Association must take responsibility not only for their own apartment, but also for the property and its surrounding environment. This is regulated by the condominium association.
What it means to live in condominium association
Many people tend to say that they have bought a condominium. The truth is that you are not buying the apartment itself, without housing law. It is about the right to live in the apartment for an indefinite period, provided that it follows the condominium association's statutes and regulations.
The apartment is owned by the condominium association. Condominium part-owners in turn owns a part of the association. You who have a condominium owns a share in the condominium association together with your neighbours. You have the right to sell, or transfer it real name, your condominium when you want.