These are types of ownership for real property. The simplest way to own property is freehold, known as fee simple. You own the title to the land and buildings. A condo is a corporation that owns a larger piece of land (commons) that has units that an individual owner has rights to (private). This typically manifests as either an apartment or townhouse style development. Wheras a freehold is often a detached, semi-detached property residential or freestanding commercial. There are other options of ownership like fractional/timeshare, co-op and leasehold to name a few.