Difference between condominium and apartment

[John P.]

Hi! 

I'm John from Norway. There is a few years since I last posted anything at biggerpockets. 

I was wondering if anyone could tell me the difference between an apartment and a condominium? Are there any difference, or are there just two different words with the same meaning? 

Thank you :) 

[Seth Borman]

They are very different, in the US at least.

A condo has a legal structure in which each condo can be sold separately. An apartment is designed to be owned and rented by one entity.

A condo doesn't have to take the same physical structure as an apartment. They can even be single family homes that sit on a common lot.

In practice, a multifamily condo development will be different on an operational level. The units are often larger. They are more likely to have a washer and dryer in the unit. Condo owners pay a fee for maintenance of the building, common area and amenities.