As used in this chapter:

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1.  ’Common areas’ means the entire project excepting all units therein granted or reserved.

2.  ’Condominium’ means an estate in real property consisting of an undivided interest in common in portions of a parcel of real property together with:

(a) A separate interest in space in a residential, industrial or commercial building or industrial and commercial building on such real property, such as, but not restricted to, an apartment, office or store; or

(b) A separate interest in air space only, without any building or structure, to be used for a mobile home. A condominium may include in addition a separate interest in other portions of such real property. Such estate may, with respect to the duration of its enjoyment, be either an estate of inheritance or perpetual estate, an estate for life, or an estate for years.

3.  ’Project’ means the entire parcel of real property divided or to be divided into condominiums, including all structures thereon.

4.  ’To divide’ real property means to divide the ownership thereof by conveying one or more condominiums therein but less than the whole thereof.

5.  ’Unit’ means the elements of a condominium which are not owned in common with the owners of other condominiums in the project.