Difference between apartment and condo

[PeaceMaker]

Hi all,

please what's the basic difference between apartment and condo?

if some company is converting apartment into condos? What are they exactly doing?

thank you very much..:)

[Jamie (K)]

An apartment and a condominium are physically exactly the same thing. The only difference is in ownership. With apartments, one person or company owns the whole building, and the residents pay rent to him. In a building full of condominiums, each resident is the owner of his own apartment, and the residents pay a management company a relatively small fee for maintenance of the building and the grounds. The person who lives in a condo can sell his condo, but the person who lives in an apartment can't sell it, because he doesn't own it.

[PeaceMaker]

Thank you very much for perfectly clear answer, Jamie.

Awesome!