A condominium is generally defined as a type of joint ownership of real property in which center portions of the property are commonly owned (the common elements), and other portions are individually owned (the units). A condominium is created when a declaration document, bylaws, and a condominium plat are recorded in the land records.
Each unit owner owns his/her unit, traditionally an apartment style residence, and an undivided interest in the common elements, in accordance with the unit owners’ percentage interest set forth in the declaration. Each unit has a separate parcel identification or tax identification number, but because the common elements are collectively owned, there is no separate parcel identification or tax identification number for common elements.
