Common Area
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool.
Popular Real Estate Terms
(1) Return of the principal invested in real estate. It excludes income earned. (2) Collection of a previously written off bad debt. ...
Board used when connected as a floor. It may also be used as a strip in a wall or door. ...
Representation on a flat surface of any region that depicts the elevation of that region. ...
Stigmatized property is a property that home buyers might back off on closing a deal due to factors that are not related to the property’s price, structural/aesthetic conditions and ...
Through the master plan definition, we can understand it’s a plan describing both through narrative and maps the overall land use of a designated urban area. It includes both present ...
Latin term meaning let the buyer beware. The buyer purchases at his or her risk, in the absence of fraud. This does not obligate the seller to volunteer information. However, legal statutes ...
Rules regarding day-to-day use of the premises. ...
Securing lease commitments to a building prior to its being available for occupancy. For example, a developer offers a discounted lease to potential tenants providing they agree to sign a ...
Descriptive of a property boundary that follows the course of a river or estuary. For example, a land description may say its boundary follows "the meander of the river" meaning the ...
Comments for Common Area
Is common area classified to be considered an adjacent property?
Dec 27, 2023 08:19:07Hello Donna! Thank you for reaching out to us!
An "adjacent property" defines properties located next to each other, with a shared boundary or close proximity. On the other hand, "common area" generally refers to spaces within a property intended for shared use by all residents or tenants.
You'll find common areas in multi-unit residential buildings, such as apartment complexes or condominiums. In addition, commercial properties like shopping malls or office buildings also have common areas. These areas could include amenities like lobbies, hallways, elevators, parking lots, gyms, pools, or shared outdoor spaces.
Common areas can be located adjacent to individual properties in some cases. However, the term "adjacent property" is more commonly used to refer to neighboring properties rather than the shared spaces within a specific property.
Jan 15, 2024 10:36:52Have a question or comment?
We're here to help.