Comment Re:How do you buy an apartment? (Score 3, Informative) 242
A condominium, or condo, 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. Colloquially, the term is often used to refer to the unit itself in place of the word "apartment". A condominium may be simply defined as an "apartment" that the tenant "owns" as opposed to rents.
The difference between a condominium and an apartment is purely legal: there is no way to know a condo from an apartment simply by looking at or visiting the building. What defines a condominium is the form of ownership. The same building developed as a condominium (and sold as individual units to different owners) could actually be built someplace else as an apartment building (the developers would retain onwnership and rent individual units to different tenants).
"Condo" really refers to the legal arrangement, although it has taken on a meaning of "apartment that you own" in recent years. Condominium laws didn't even come into effect in the US until the 60s really. In cities with older dense urban housing stock, older apartment buildings are still often owned through a cooperative instead.