The term condominium or condo is used in the Cayman Islands real estate market to describe an apartment (similar in some ways to what might be referred to as a flat in the UK) that is part of a strata. A strata is the legal framework that provides freehold ownership of an individual property within a multiple-property complex as well as shared ownership of the land & common areas. The condo provides ease of ownership allowing a buyer to own property on Seven Mile Beach for example for a fraction of the cost they would incur if trying to buy a house in the same location. There is also ease of ownership from the point of view that within a condo complex the landscaping, pool cleaning, external maintenance etc. will all be put in place by the strata committee. On Seven Mile Beach there are also many condo complexes that will employ a full time property manager that will also oversee the vacation rental bookings as well as the daily cleaning of apartments in the rental pool, meaning that owners & holiday renters can come & go much as they would in a hotel. It is required by law that a strata complex is insured, but favourable rates are usually obtained by condo complexes by virtue of their size when compared to insuring a standalone house, so these fees along with the general maintenance are broken down into what is usually a monthly or quarterly fee and each condo is assessed by its size so that a unit that has more square feet will have higher portion of these fees, known in the Cayman Islands as strata fees, monthly maintenance or condos fees these are equivalent to Home Owners Association (HOA) fees in the US & Canada.