What is a Condominium Corporation?

The legal entity or corporation legally created by registering the condo plan and outlining all of the owners of the units that are bound to that plan. It is very similar to the shareholder concepts, where there is limited liability, where in if the corporation was sued, each owner would own a percentage of the responsibility of the lawsuit.

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Tagged: Condo, Contract, Definition

About the Author: Craig MacDonald, CEO - RealAgents.com

Craig prides himself in living a life of integrity and connecting buyers and sellers to other like minded REALTORS®. He has over 15 years of experience in property assessment, sales (actively works as a REALTOR® with Mac Homes Inc.), business development, process improvement, marketing and home flipping. He holds a Bachelor’s Degree in Biblical Studies & Psychology, and has certificates in Leadership, Residential Valuation and Lean Six Sigma. Craig is a real estate salesperson with Mac Homes Inc. and is actively trading in real estate. More posts by Craig MacDonald, CEO - RealAgents.com

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