Common Area

Definition of "Common area"

Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool.

Have a question or comment? We're here to help.

Search Real Estate Terms

Popular Real Estate Terms

Common Area Charges

Fees that all tenants or owners must pay for the cost of maintaining common areas. ...

Planned Unit Development (PUD)

Individually owned lots and houses with community ownership of common areas. ...

Warrantable Condo

A condominium project with features that lenders view as favorable in terms of their risk exposure on loans secured by individual condo units. The re ...

Counseling

Process of conferring and consulting with clients concerning real estate investments and developmental projects. See also American Society of Real Est ...

Certified Property And Casualty Underwriter (CPCU)

A knowledgeable person authorized to aid in the underwriting of property and casualty insurance. ...

Water Table

Distance from the location of natural ground and water to the actual ground level. ...

Popular Real Estate FAQ

What Do I Need To Know About Condominium Insurance?

Owning a condominium puts you in a unique position. Unique because you have both common and individual insurance needs. Odds are, your condominium ass ...

What Is Homeowners Association (HOA)?

Homeowners association is a nonprofit association that manages the common areas of a condominium or \"planned unit development\" (PUD). Unit owners pa ...

What Is A Multiple Listing Service (MLS)?

A multiple listing service is a computerized listing of the homes for sale in an area listed with a realtor. Agents are granted access to the MLS and ...

What Is A Cap?

A limit on an adjustable-rate mortgage. ...

What Is PITI And What Does It Stand For?

PITI is the total monthly payment you make on a house-Principal, Interest, Taxes, and Insurance. ...

What Is A Seller Takeback?

A seller takeback is a type of financing in which the seller arranges for the financing on a property. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add real estate terms app
on your Website

Real Estate Advice

Spring Landscaping Ideas to Improve Curb Appeal and Sell Your House DIY Home Improvement to Increase Your Home Value Moving Tips: House Relocation Stress Free Increase Your Home Value With These Home Improvement Ideas Down Payment: Everything You Wanted to Know

FAQ

Do I need flood Insurance? What do I need to know about Business Insurance? What is a deed? What is a buyer's agent? How Much Income Do I Need ?