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What is a condominium?

What is a condominium? Here are some definitions.

Noun
  1. Joint sovereignty over a territory by two or more countries. [from 18th c.]
  2. A region or territory under such rule.
  3. (US, Canada) A building in which each unit is owned by an individual but the grounds, structure etc is owned jointly. [from 20th c.]
  4. (US, Canada) the system of ownership by which such condominiums operate
  5. (US, Canada) A unit or apartment in such a complex.
  6. The legal tenure involved.
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