The term condo or condominium is often used to refer a dwelling, but this is actually not exactly correct. Buyers looking for Fayetteville NC condos should learn the fact before jumping in. The term condominium actually refers to a method of real estate ownership where a specified unit or part of the real estate is individually owned while use of and access to common areas such as hallways, heating system, elevators, exterior areas is allowed to the individual owners but controlled and maintained by the association of all the individual unit owners.

The typical condominium development consists of multi-unit dwellings. In most cases the association maintains all structural systems, including the walls, frame and structure of the individual dwellings. The individual owners actually own the air space between the walls of the dwelling.

The restrictions for condominium usage vary and are established in condominium association rules and the declaration of condominium. Typical rules include mandatory maintenance fees (often collected monthly), pet restrictions, and color/design choices visible from the exterior of the units.

In general, condominium unit owners can rent their home to tenants, similar to renting out other real estate, although leasing rights may be subject to conditions or restrictions set forth in the declaration (such as a rental cap for the total number of units in a community that can be leased at one time) or otherwise as permitted by local law.