{"id":55422,"date":"2026-09-21T10:23:16","date_gmt":"2026-09-21T17:23:16","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=55422"},"modified":"2026-09-21T10:23:16","modified_gmt":"2026-09-21T17:23:16","slug":"what-is-a-condo-how-condominium-ownership-works","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/what-is-a-condo-how-condominium-ownership-works\/","title":{"rendered":"What Is a Condo? How Condominium Ownership Works"},"content":{"rendered":"<p>The word &#8220;condo&#8221; describes a property&#8217;s legal ownership structure rather than any one type of house.<\/p>\n<p>Acondo could be an apartment-style unit in a high-rise, an attached townhouse or even a detached house. What makes it a condo is how ownership of the individual unit and common property is legally divided.<\/p>\n<p>A condo (or condominium) is an individually owned housing unit within a larger community where certain areas, structures or amenities are shared with other owners.<\/p>\n<p>Unlike an apartment, which is usually rented, a condo is owned.<\/p>\n<h2 class=\"h\">Key Takeaways<\/h2>\n<ol>\n<li>A condo is a form of real estate ownership, not one specific architectural style.<\/li>\n<li>Condo owners generally own an individual unit while sharing rights and financial responsibility for common elements through a condominium association.<\/li>\n<li>Owners usually pay recurring association dues for shared expenses such as maintenance, insurance, amenities and reserve funding.<\/li>\n<li>The condominium documents determine what belongs to the individual owner and what the association is responsible for maintaining.<\/li>\n<li>Getting a mortgage on a condo can involve reviewing the condominium project in addition to qualifying the individual borrower.<\/li>\n<\/ol>\n<h2>What Is a Condominium?<\/h2>\n<p>A condominium is a property that has been legally divided into individually owned units along with shared common elements.<\/p>\n<p>The individual unit might be a traditional apartment-style residence, but it does not have to be. Condominium ownership can also be used for townhouses, detached homes and other residential designs.<\/p>\n<p>The condominium&#8217;s governing documents establish exactly what each owner owns and what belongs to or is managed collectively through the condo association.<\/p>\n<p>Common elements can include:<\/p>\n<ul>\n<li>Hallways<\/li>\n<li>Elevators<\/li>\n<li>Roofs<\/li>\n<li>Exterior walls<\/li>\n<li>Landscaping<\/li>\n<li>Parking areas<\/li>\n<li>Swimming pools<\/li>\n<li>Fitness centers<\/li>\n<li>Clubhouses<\/li>\n<li>Private roads<\/li>\n<li>Other shared facilities<\/li>\n<\/ul>\n<p>If you&#8217;re comparing condos with other property types, our overview of the <a href=\"\/blog\/what-are-the-different-types-of-homes\/\">different types of homes<\/a> explains where condominiums fit.<\/p>\n<h2>What Do You Own When You Buy a Condo?<\/h2>\n<p>You generally hold title to your individual condominium unit as that unit is defined in the project&#8217;s legal documents.<\/p>\n<p>You also receive rights associated with the common elements of the project and become responsible for your share of applicable common expenses.<\/p>\n<p>The precise boundary of the unit can vary significantly.<\/p>\n<p>For example, a project&#8217;s documents may determine whether the following are part of your unit or common property:<\/p>\n<ul>\n<li>Windows<\/li>\n<li>Exterior doors<\/li>\n<li>Balconies<\/li>\n<li>Patios<\/li>\n<li>Plumbing lines<\/li>\n<li>HVAC equipment<\/li>\n<li>Parking spaces<\/li>\n<li>Storage areas<\/li>\n<\/ul>\n<p>Some features may also be classified as limited common elements. Those are generally common property designated primarily for the use of one or a limited number of units.<\/p>\n<p>This matters because ownership and maintenance responsibility are not always the same as what appears physically attached to your home.<\/p>\n<h2>What Is a Condo Association?<\/h2>\n<p>A condominium association manages the shared responsibilities of the project on behalf of the unit owners.<\/p>\n<p>Depending on the development, that can include:<\/p>\n<ul>\n<li>Maintaining common areas<\/li>\n<li>Hiring property managers and contractors<\/li>\n<li>Purchasing applicable master insurance<\/li>\n<li>Collecting assessments from owners<\/li>\n<li>Building financial reserves<\/li>\n<li>Planning major repairs<\/li>\n<li>Enforcing community rules<\/li>\n<li>Maintaining shared amenities<\/li>\n<\/ul>\n<p>You may hear the organization referred to broadly as an HOA, or homeowners association. The legal terminology varies by state and project, but condo owners generally belong to an association that manages the condominium&#8217;s common interests.<\/p>\n<h2>What Are Condo Fees?<\/h2>\n<p>Condo owners generally pay recurring assessments to fund the association&#8217;s expenses.<\/p>\n<p>These are commonly called condo fees or HOA dues.<\/p>\n<p>Depending on the project, the fee might help cover:<\/p>\n<ul>\n<li>Exterior maintenance<\/li>\n<li>Roof repairs<\/li>\n<li>Landscaping<\/li>\n<li>Snow removal<\/li>\n<li>Building insurance<\/li>\n<li>Water or other utilities<\/li>\n<li>Elevator maintenance<\/li>\n<li>Security<\/li>\n<li>Professional management<\/li>\n<li>Pools or fitness centers<\/li>\n<li>Contributions to reserve funds<\/li>\n<\/ul>\n<p>What the fee includes matters more than the dollar amount alone.<\/p>\n<p>A condo with substantial amenities, elevators and extensive common property may naturally cost more to operate than a small development with few shared features.<\/p>\n<p>Association dues also affect housing affordability. When you&#8217;re estimating <a href=\"https:\/\/www.lower.com\/mortgages\/calculators\/how-much-house-can-i-afford\">how much house you can afford<\/a>, include mandatory condo fees along with the mortgage payment, property taxes and insurance.<\/p>\n<h2>What Is a Special Assessment?<\/h2>\n<p>A special assessment is an additional amount owners may be required to pay beyond ordinary association dues.<\/p>\n<p>An association might levy an assessment to help pay for a major expense such as:<\/p>\n<ul>\n<li>A new roof<\/li>\n<li>Structural repairs<\/li>\n<li>Elevator replacement<\/li>\n<li>Exterior restoration<\/li>\n<li>Parking garage repairs<\/li>\n<li>Major insurance costs<\/li>\n<\/ul>\n<p>A well-funded reserve account can help an association prepare for predictable long-term expenses, but reserves do not guarantee that owners will never face an assessment.<\/p>\n<p>This is one reason the association&#8217;s finances matter when you&#8217;re considering a particular condo.<\/p>\n<h2>Condo vs. Apartment: What&#8217;s the Difference?<\/h2>\n<p>The biggest difference is generally ownership.<\/p>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th>Condo<\/th>\n<th>Apartment<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Typical occupancy<\/td>\n<td>Individually owned unit<\/td>\n<td>Usually rented<\/td>\n<\/tr>\n<tr>\n<td>Owner<\/td>\n<td>Individual condo owner<\/td>\n<td>Landlord or property owner<\/td>\n<\/tr>\n<tr>\n<td>Monthly housing cost<\/td>\n<td>Mortgage and ownership expenses if financed<\/td>\n<td>Rent and applicable fees<\/td>\n<\/tr>\n<tr>\n<td>Equity<\/td>\n<td>Owner can build equity<\/td>\n<td>Tenant does not own the property<\/td>\n<\/tr>\n<tr>\n<td>Community rules<\/td>\n<td>Condo association rules<\/td>\n<td>Lease and landlord rules<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The buildings themselves may look identical. One high-rise could contain individually owned condos while a nearly identical building next door contains rental apartments owned by one company.<\/p>\n<h2>Condo vs. Townhouse: What&#8217;s the Difference?<\/h2>\n<p>This comparison can be confusing because the categories overlap.<\/p>\n<p>A <strong>townhouse<\/strong> generally describes a physical style: an attached home with its own entrance that commonly has two or more stories.<\/p>\n<p>A <strong>condominium<\/strong> describes an ownership structure.<\/p>\n<p>That means a townhouse can legally be a condo.<\/p>\n<p>A townhouse can also be fee simple, where the homeowner owns the structure and underlying lot, or it can be part of another type of planned development.<\/p>\n<p>Our <a href=\"\/blog\/townhome-vs-condo-which-is-better-for-you\/\">townhouse vs. condo comparison<\/a> goes deeper into the ownership, maintenance and financing differences.<\/p>\n<h2>Condo vs. PUD: What&#8217;s the Difference?<\/h2>\n<p>You may also encounter the term planned unit development, or PUD.<\/p>\n<p>A PUD can look very similar to a condo community, but the legal ownership is different.<\/p>\n<p>Under Fannie Mae&#8217;s definition, a qualifying PUD generally has individually owned residential properties, mandatory HOA membership and common property owned or maintained by the HOA. The individual home itself is not legally created as a condo or co-op unit.<\/p>\n<p>For example, you might own a townhouse and the lot beneath it while an HOA maintains the neighborhood pool and private streets. That could be a PUD rather than a condominium.<\/p>\n<p>The distinction can matter when the lender determines what type of project review applies.<\/p>\n<h2>Condo vs. Co-op: What&#8217;s the Difference?<\/h2>\n<p>A cooperative, or co-op, uses another ownership structure.<\/p>\n<p>With a condo, you generally own real estate: your condominium unit.<\/p>\n<p>With a typical co-op, a corporation owns the real estate and residents purchase shares in that corporation that provide the right to occupy a particular unit.<\/p>\n<p>That difference affects financing, transfers and the legal interest you acquire.<\/p>\n<h2>Who Maintains a Condo?<\/h2>\n<p>Maintenance responsibility is divided between the individual owner and the association according to the condominium documents.<\/p>\n<p>An association commonly maintains significant common components such as:<\/p>\n<ul>\n<li>Shared roofs<\/li>\n<li>Exterior common areas<\/li>\n<li>Hallways<\/li>\n<li>Elevators<\/li>\n<li>Landscaping<\/li>\n<li>Shared mechanical systems<\/li>\n<\/ul>\n<p>The individual owner generally maintains the portions of the unit assigned to them.<\/p>\n<p>But don&#8217;t rely on a simple \u201cinside versus outside\u201d rule. Some associations make owners responsible for windows, doors, HVAC systems, balconies or other components that might appear to be part of the exterior.<\/p>\n<p>Read the governing documents to determine where the association&#8217;s responsibility ends and yours begins.<\/p>\n<h2>How Does Condo Insurance Work?<\/h2>\n<p>Condo insurance generally involves two layers.<\/p>\n<p>The condominium association carries a master insurance policy covering property and liabilities specified by the policy and governing documents.<\/p>\n<p>The individual owner generally needs a separate condo-unit policy covering applicable portions of the unit, personal belongings, personal liability and other exposures not covered by the master policy.<\/p>\n<p>The boundary varies by project.<\/p>\n<p>Before buying, find out:<\/p>\n<ul>\n<li>What the master policy covers<\/li>\n<li>What the association deductible is<\/li>\n<li>Which building components you must insure<\/li>\n<li>Whether your lender requires additional coverage<\/li>\n<li>How loss assessments are handled<\/li>\n<\/ul>\n<p>The association maintaining a master policy does not mean the individual owner can go without insurance.<\/p>\n<h2>Can You Get a Mortgage on a Condo?<\/h2>\n<p>Yes. Conventional, FHA, VA and USDA financing can all potentially be used to buy eligible condominium units.<\/p>\n<p>The important difference from many detached-home purchases is that mortgage underwriting may involve the condominium project as well as the borrower and individual unit.<\/p>\n<p>That is because financial or physical problems affecting shared property can affect every unit in the development.<\/p>\n<h3>Conventional Condo Loans<\/h3>\n<p>Conventional mortgages can finance eligible condo units.<\/p>\n<p>Fannie Mae requires lenders to determine that applicable condominium projects meet its project eligibility standards. Depending on the transaction, project review can consider issues such as:<\/p>\n<ul>\n<li>Project insurance<\/li>\n<li>Financial condition<\/li>\n<li>Critical repairs<\/li>\n<li>Special assessments<\/li>\n<li>Project completion<\/li>\n<li>Litigation or other legal issues<\/li>\n<li>Characteristics of the overall development<\/li>\n<\/ul>\n<p>This creates two separate questions:<\/p>\n<ol>\n<li>Does the borrower qualify for the mortgage?<\/li>\n<li>Does the condo project qualify for the mortgage program?<\/li>\n<\/ol>\n<p>A buyer can potentially satisfy the first question while a project-level issue creates a problem with the second.<\/p>\n<p><a href=\"https:\/\/www.lower.com\/mortgages\/conventional-home-loans\">Conventional home loans<\/a> can be used for qualifying condos, but give your lender the specific property information early enough to identify any project-review requirements.<\/p>\n<h3>FHA Loans for Condos<\/h3>\n<p>FHA financing can also be used for eligible condominium units.<\/p>\n<p>One route is purchasing a unit in an FHA-approved condominium project.<\/p>\n<p>FHA also allows qualifying individual units in certain non-approved projects to receive Single-Unit Approval. Under current HUD rules, the project must meet applicable conditions, including being complete and ready for occupancy and containing at least five dwelling units.<\/p>\n<p>The project must also satisfy a subset of FHA requirements involving factors such as financial condition, owner occupancy and FHA concentration.<\/p>\n<p>That means a condo does not necessarily have to be located in a project with blanket FHA approval to potentially qualify.<\/p>\n<p>For borrowers considering FHA financing, an <a href=\"https:\/\/www.lower.com\/mortgages\/calculators\/fha\">FHA mortgage calculator<\/a> can estimate principal and interest, mortgage insurance, property taxes and HOA dues.<\/p>\n<h3>VA Loans for Condos<\/h3>\n<p>Eligible borrowers can use a VA-backed purchase loan to buy a condo in a VA-approved project.<\/p>\n<p>VA eligibility still requires the borrower to satisfy the program&#8217;s service-related eligibility, occupancy and lender underwriting requirements.<\/p>\n<p>If the condominium project is not already approved, additional project review may be required before units can be eligible for VA loan guaranty.<\/p>\n<h3>USDA Loans for Condos<\/h3>\n<p>USDA&#8217;s Single Family Housing Guaranteed Loan Program also permits eligible condominium units.<\/p>\n<p>The borrower must meet USDA household-income and occupancy requirements, and the property must be located in an eligible rural area.<\/p>\n<p>USDA financing can provide 100% financing to qualifying borrowers, but both the condo and the borrower still need to satisfy program requirements.<\/p>\n<h2>Why Can the Condo Project Affect Your Mortgage?<\/h2>\n<p>With a condo, your property value and expenses can be affected by decisions and conditions beyond your individual unit.<\/p>\n<p>For example, a major structural problem in the building could lead to:<\/p>\n<ul>\n<li>Expensive repairs<\/li>\n<li>Higher association dues<\/li>\n<li>A special assessment<\/li>\n<li>Insurance issues<\/li>\n<li>Mortgage eligibility concerns<\/li>\n<\/ul>\n<p>Current Fannie Mae standards specifically identify certain projects needing critical repairs as ineligible.<\/p>\n<p>FHA likewise evaluates the project&#8217;s financial condition, insurance, legal issues and physical property condition as part of its condominium approval framework.<\/p>\n<p>This is why condo due diligence includes both a home inspection and investigation of the association and project.<\/p>\n<h2>What Are the Pros of Buying a Condo?<\/h2>\n<h3>Less Individual Exterior Maintenance<\/h3>\n<p>The association commonly manages at least some exterior and common-property maintenance.<\/p>\n<p>That can appeal to buyers who don&#8217;t want to personally coordinate landscaping, shared roofs or common amenities.<\/p>\n<h3>Potentially More Location Options<\/h3>\n<p>Condos are common in urban areas, resort communities and other locations where detached homes may be scarce or expensive.<\/p>\n<h3>Shared Amenities<\/h3>\n<p>Some condo projects provide amenities that might be expensive for an individual homeowner to maintain, including pools, gyms, clubhouses and staffed common areas.<\/p>\n<h3>Homeownership Without a Large Lot<\/h3>\n<p>Buyers who want to own real estate but do not want a large yard may find condominium ownership appealing.<\/p>\n<h3>Potentially Lower Entry Price<\/h3>\n<p>In some markets, condos cost less than comparable detached homes in the same location.<\/p>\n<p>That is not guaranteed, and association dues should be included when comparing the total cost.<\/p>\n<h2>What Are the Cons of Buying a Condo?<\/h2>\n<h3>Recurring Association Fees<\/h3>\n<p>Condo dues generally continue for as long as you own the property, including after you pay off the mortgage.<\/p>\n<h3>Potential Special Assessments<\/h3>\n<p>Owners can face additional charges when the association needs funding beyond its regular budget and reserves.<\/p>\n<h3>Rules and Restrictions<\/h3>\n<p>Depending on the project, association rules may affect:<\/p>\n<ul>\n<li>Pets<\/li>\n<li>Rentals<\/li>\n<li>Short-term rentals<\/li>\n<li>Parking<\/li>\n<li>Renovations<\/li>\n<li>Flooring<\/li>\n<li>Noise<\/li>\n<li>Use of balconies and patios<\/li>\n<\/ul>\n<h3>Shared Financial Exposure<\/h3>\n<p>Deferred maintenance or poor financial planning can eventually affect owners throughout the project.<\/p>\n<h3>Potentially Less Privacy<\/h3>\n<p>Apartment-style condos may have neighbors beside, above and below the unit. Actual privacy depends on the design and construction of the individual project.<\/p>\n<h2>Can You Rent Out a Condo?<\/h2>\n<p>Possibly, but condo ownership does not automatically give you unrestricted rental rights.<\/p>\n<p>The association&#8217;s governing documents may regulate:<\/p>\n<ul>\n<li>Whether units can be leased<\/li>\n<li>Minimum lease lengths<\/li>\n<li>Short-term rentals<\/li>\n<li>The percentage of units that can be rented<\/li>\n<li>Tenant registration or other procedures<\/li>\n<\/ul>\n<p>Applicable state and local laws can also affect rental restrictions.<\/p>\n<p>If renting the condo is part of your future plan, review the current rules before purchasing.<\/p>\n<h2>What Should You Check Before Buying a Condo?<\/h2>\n<p>Once you find a condo you like, look beyond the unit itself.<\/p>\n<p>Important questions include:<\/p>\n<ul>\n<li>How much are the association dues?<\/li>\n<li>What do those dues cover?<\/li>\n<li>How much does the association have in reserves?<\/li>\n<li>Are any special assessments pending?<\/li>\n<li>Are major repairs planned?<\/li>\n<li>What does the association&#8217;s insurance cover?<\/li>\n<li>What portions of the property must you maintain?<\/li>\n<li>Are there rental or pet restrictions?<\/li>\n<li>Are there significant delinquent assessments?<\/li>\n<li>Are there unresolved structural or safety problems?<\/li>\n<li>Will the project qualify for your intended mortgage program?<\/li>\n<\/ul>\n<p>For the detailed financial and project review, use our guide to <a href=\"\/blog\/how-to-buy-a-condo-make-sure-you-research-these-things-first\/\">what to research before buying a condo<\/a>.<\/p>\n<h2>Is a Condo Right for You?<\/h2>\n<p>A condo may fit you if you want to own your home but prefer a smaller maintenance footprint, shared amenities or a location where detached homes are less practical.<\/p>\n<p>You should also be comfortable with:<\/p>\n<ul>\n<li>Recurring association dues<\/li>\n<li>Shared decision-making<\/li>\n<li>Community rules<\/li>\n<li>Potential special assessments<\/li>\n<li>Depending on the association to maintain shared property<\/li>\n<\/ul>\n<p>Our guide to the <a href=\"\/blog\/7-signs-buying-a-condo-is-right-for-you\/\">signs condo living may be right for you<\/a> focuses specifically on that lifestyle decision.<\/p>\n<p>If you&#8217;re primarily attracted to lower-maintenance housing but aren&#8217;t certain about a condo, compare a <a href=\"\/blog\/townhouse\/\">townhouse<\/a> or <a href=\"\/blog\/patio-home\/\">patio home<\/a> as well.<\/p>\n<h2>Bottom Line<\/h2>\n<p>A condo is individually owned real estate within a larger property where owners share responsibility for common elements through a condominium association.<\/p>\n<p>The key distinction is ownership rather than architecture. A condo can look like an apartment, townhouse or even a detached house.<\/p>\n<p>Before buying, understand exactly what the unit includes, what the association maintains, how much the recurring fees are and whether major expenses are on the horizon.<\/p>\n<p>And if you&#8217;re financing the purchase, involve your lender early. Condo mortgages can require approval of both you and the broader project, so the association&#8217;s finances, insurance and physical condition can directly affect your purchase.<\/p>\n<h2>FAQ<\/h2>\n<h3>What is a condo?<\/h3>\n<p>A condo is an individually owned unit within a larger property where certain areas or components are owned, maintained or managed collectively through a condominium association.<\/p>\n<h3>Do you own a condo or just the inside?<\/h3>\n<p>You own the condominium unit as legally defined in the governing documents. The boundary does not necessarily follow a simple \u201cinside the walls\u201d rule, so documents determine whether features such as windows, balconies or other components belong to the unit or common property.<\/p>\n<h3>Is a condo the same as an apartment?<\/h3>\n<p>No. An apartment is generally rented, while a condominium unit is individually owned real estate. The buildings can look nearly identical.<\/p>\n<h3>Is a condo the same as a townhouse?<\/h3>\n<p>No. Townhouse generally describes an architectural style, while condominium describes ownership. A townhouse can legally be a condo.<\/p>\n<h3>Do condos have HOA fees?<\/h3>\n<p>Condo associations generally collect recurring assessments from owners to fund common expenses. The amount and what it covers vary by development.<\/p>\n<h3>Who pays for repairs in a condo?<\/h3>\n<p>Responsibility depends on the condominium documents. The association commonly maintains shared property, while owners maintain components assigned to their individual units.<\/p>\n<h3>Can you get a conventional mortgage on a condo?<\/h3>\n<p>Yes. Eligible condo units can qualify for conventional financing, although the lender may also need to determine that the condominium project satisfies applicable project requirements.<\/p>\n<h3>Can you buy a condo with an FHA loan?<\/h3>\n<p>Yes. Eligible units in FHA-approved projects can qualify, and certain units in non-approved projects may qualify through FHA&#8217;s Single-Unit Approval process.<\/p>\n<h3>Can you buy a condo with a VA loan?<\/h3>\n<p>Yes. Eligible VA borrowers can use a VA-backed purchase loan to buy a condominium unit in a VA-approved project.<\/p>\n<h3>Can you buy a condo with a USDA loan?<\/h3>\n<p>Yes. USDA&#8217;s guaranteed loan program allows eligible condos in qualifying rural areas, subject to borrower, property and program requirements.<\/p>\n<h3>Can you rent out a condo?<\/h3>\n<p>Potentially. The condo association may impose rental restrictions, and state or local law can also affect what restrictions apply. Review the governing documents before buying if renting the unit matters to you.<\/p>\n<h3>Are condos cheaper than houses?<\/h3>\n<p>Sometimes, but not universally. Compare the purchase price and total ongoing costs, including association dues, taxes, insurance and potential maintenance or assessments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The word &#8220;condo&#8221; describes a property&#8217;s legal ownership structure rather than any one type of house. Acondo could be an apartment-style unit in a high-rise, an attached townhouse or even a detached house. What makes it a condo is how ownership of the individual unit and common property is legally divided. A condo (or condominium) is an individually owned housing unit within a larger community where certain areas, structures or amenities are shared with other owners. Unlike an apartment, which is usually rented, a condo is owned. Key Takeaways A condo is a form of real estate ownership, not one [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":55423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[260,256],"tags":[494,106,357,114,487],"class_list":["post-55422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buyer","category-real-estate-concepts","tag-condo-buying","tag-condos","tag-home-buying","tag-hoa","tag-home-types","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is a Condo? How Condominium Ownership Works<\/title>\n<meta name=\"description\" content=\"A condo is individually owned real estate within a larger shared property. 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