Common Area
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool.
Popular Real Estate Terms
Locating a structure after considering such factors as the homeowner's desired privacy, noise, wind, and sunlight. Position of a structure on a specific location relative to ...
Suppose you wish to become a legit professional in a specific domain. In that case, you have to get a license, an official permit, or a document. A license acknowledges your studies and ...
When someone owns a house that is an abutting property, it means that the property is sharing a boundary with the property next to it. The two abutting properties are adjoining properties ...
An accounting methodology for separately depreciating individual parts or elements of a building or improvement qualifying as business use or a depreciable asset under the IRS tax code. ...
property that has been segregated into parts. ...
Real property usable in a trade or business. Such as, the property on a which retail store, hotel, or office building are located. ...
Scarcity is a fundamental term in economics, mirroring the limited resources and needs gap. The shortage demands consumers to make logical decisions on spending their money efficiently. ...
Percentage of royalties derived from an oil and gas lease payable to someone other than the property lessor. It is a net royalty interest in the oil and gas recovered at the surface free of ...
The yield after deduction inflation and its effects. It is the return on investment stated in real purchasing power. ...
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.