Condo vs. ApartmentI was doing an open house and had an older couple ask me an old questions I've forgotten all about. They said: "What's the difference between a Condo and an Apartment?" It sounds absurd that there is a distinction, but there is a very important one. I spoke of legal ownership of Condominiums versus the lack of the title ownership of the Apartment, but I felt like maybe I was missing something, so I promised them that I'd look it up again just to be sure.
My findings confirm my answer to them, and I've sent them a link to this article just to elaborate on it further.
The difference between a condominium and an apartment is purely legal, in that there is no way to know a condo from an apartment simply by looking at or visiting the building. It's a bit more subtle that than. According to Wikipedia and the PCM (Professional Conduct Manual), 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, at the same time or a different time, as an apartment building (but in this instance the developers would retain ownership and rent individual units to different tenants).
I love it when a good question leads to an inquiry, in a matter of minutes validating what you knew from textbook to actual lived experience.
REFERENCES:
IMAGE CREDIT: here.
RESEARCH CRITERIA: http://www.google.ca/search?q=difference+between+condo+and+apartment&sourceid=ie7&rls=com.microsoft:en-us:IE-SearchBox&ie=&oe=&redir_esc=&ei=UCaxTLudCJT6sAPy9eHADA
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