When someone has a condo, do they pay rent or mortgage?

Question

it's been on my mind for a while now

Answer 1

Yes they do.

Answer 2

if your name is on the Rental Agreement, then you're paying rent (aka. the house is not yours to keep). if your name is in the deed, then you are paying mortgage (as in you took financial liability over the condo and you have borrowed money to buy it).  

Answer 3

When you own a condo, you own a unit in a building. You pay a mortgage, and you also pay a monthly condo fee that goes to pay building maintenance, insurance, etc.

If you rent a condo, you pay rent. The owner of that condo pays a mortgage and condo fees.

All the units in a condo building are owned by individual owners like you. So the "Owner" can't sell the building because there isn't a single owner of the building. A condo owner can sell his/her unit to another person, but the rest of the building doesn't change ownership.

Answer 4

If they bought it they pay a  mortgage; if they are renting it then of course they pay rent.  It's just like any other house.  You can rent it from the owner or you can buy it and pay a mortgage.

Answer 5

You can buy a condo, in which case you would pay a mortgage.  You can also rent a condo, in which case you would pay rent.  When someone "has" a condo, it usually means they own it and pay mortgage payments.