term:

Condominium

condominium n

pl: -ums
[New Latin, joint dominion, from Latin com- with, together + dominium rule, ownership]
1 : ownership of real property that is characterized by separate ownership of portions of the property (as units in an apartment building) and undivided or joint ownership of the remainder (as the common areas of an apartment building) [the conversion of real property to the form of ownership "Troy Ltd. v. Renna, 727 F.2d 287 (1984)"] compare cooperative
2 : real property (as an apartment or building) having condominium ownership [a two-bedroom ]

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.