Common Area
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool.
Popular Real Estate Terms
Significant elevation of land. Narrow upward strip. Connection of edges between different sloping surfaces. ...
Ownership in property by two or more persons at the same time. ...
receiving something such as a cash payment. Written statement that something has been received such as cash, real property, or documents. The purchaser should always get a receipt. An ...
Mortgage for residential property. ...
Allocating common or central costs to each unit of property. An example is assigning to each owner of an apartment based on the number of rooms occupied the cost incurred by the landlord to ...
You may have heard the term codicil in a conversation but might have yet to understand it entirely. What’s the codicil definition? “Codicil meaning” refers to a supplement ...
A fiduciary intermingling a clients funds or one who is entrusted with funds and groups them with those of his own. This practice is considered a breach of a fiduciary relationship and a ...
Local governmental ordinance breaking down the country into districts that are restricted on how private property is to be constructed and used. It applies to the land and buildings. The ...
Helps in supporting a building. ...
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.