Common Area
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool.
Popular Real Estate Terms
Something that cannot be taken, returned, or revoked. An example is an irrevocable trust formed by a person giving her real estate to a trust administrator. ...
See common law. ...
Generation X, also known as Gen X , is the generational extract of Americans that are sandwiched between the Baby Boomer Generation and the Millennial generation (also called ...
Upon satisfaction of a mortgage or other debt payments, the deed releases property, or a portion of it, form the incumbrance. Often it is used in circumstances where a deed of trust is ...
Judicial finding that the debtor owes an amount exceeding the value of the collateral put up for the defaulted loan. ...
Matters that need to be rectified in a home or building prior to its sale or acceptance by a new owner. For example, a leaking water pipe should be repaired prior to showing the property to ...
Lender who possesses the collateral of the borrower if the loan is defaulted upon. ...
A major factor in depreciation resulting from wear and tear from use and natural deterioration through interaction of weather elements may cause depreciation to a structure. ...
Way to obtain a faster decision in a legal case than going to a trial. Procedural rules are followed so there is less time involved in gathering the effects of the dispute and in ...
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.