Condominiums in Addison, IL

A condominium, or condo, in Addison is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned while use of, and access to, common facilities in the piece such as hallways, heating system, elevators, exterior areas, is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece. So it may be simply defined as an apartment that the resident 'owns' as opposed to rents.