It sounds like it, though I never thought that a condo might not be a worldwide thing. It's an ownership structure where you own the insides of your unit and c

It sounds like it, though I never thought that a condo might not be a worldwide thing. It's an ownership structure where you own the insides of your unit and can do what you want with it, but everything outside the walls (shared building, common areas, lawn, parking lots/garages, etc.) is owned by a homeowner's association (HOA). You pay the HOA monthly dues - sometimes small ones, sometimes large ones, depending on what they do for you - which are set by the HOA themselves, and the HOA can have rules on what you're allowed to do on the outside of your unit. Repairs to common building infrastructure is the HOA's responsibility, repairs to your unit is your responsibility. The HOA is controlled by a board of directors that are elected from the set of homeowners. You own the equity in your own unit and can resell it for a profit.