Legal Definition of Condominium: The joint ownership of a multiunit dwelling, each of whose owners has exclusive ownership of an individual unit, but in which all common elements (the lobby, the grounds, swimming pool, etcetera) are owned by the tenants in common with no single tenant having exclusive rights to such facilities | Discover the Legal Definition of Condominium | Understand the concept of condominium ownership, including exclusive ownership of individual units and shared common elements. Crucial for buyers and sellers in the real estate market. Explore the benefits of living in a shared community and make informed decisions