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According to the State of Michigan's Condominium Buyer's Guide: The term site condominium is used to describe a condominium development with. single-family detached housing instead of two or more housing units in one structure.. Other states may have different definitions.
A condominium, or condo, is a type of housing wherein a very specific part of a larger property â almost always an apartment within a complex â is privately owned by the homeowner, while all other connecting areas of the complex are communally owned by all condo residents.efore purchasing a condo or townhouse, potential buyers should ask for a copy of the HOA's meeting minutes, financial statements, and rules and regulations, the latter of which are often known as CC&Rs (covenants, conditions, and restrictions), but can go by a variety of names.