Common Area
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool.
Popular Real Estate Terms
You’ll find the most common definition and use of the term ‘perimeter’ in mathematics, more precisely geometry, to determine an item’s or land’s surface area. ...
People say, in real estate, there's a lot more than meets the eye. If you're connected to the housing market in any way, you've probably heard the term "implicit cost." It sounds fancy, but ...
If you came here looking for the Sublease definition, chances are that you know what it means, but you need more information about it, with scenarios and facts to better grasp it. ...
The National Association of REALTORS® (NAR) is not only a commonly used term in the real estate industry, but it is also the largest trade association in the US. With over 1.4 million ...
Approval given by a local municipality to construct a particular structure at a specific location. The permit may contain certain provisions that require builder compliance. ...
Unanticipated damages incurred as the result of the sub effects of a parties breach of responsibility or contract. Consequential damages often result in financial compensation. ...
The definition of a service fee or brokers fee in real estate is a flat fee paid to a real estate agent or broker in addition to the commission for the sale or purchase. This is to cover ...
Past action of a property owner or tenant. ...
Mortar or concrete which is pumped or 'shot' through a hose at high velocity onto a surface. ...
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.