Common Area
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool.
Popular Real Estate Terms
Written enumeration of the desired selling prices associated with homes or office buildings for sale. The prospective buyer can then determine if the properties for sale are within his ...
Space reserved for specified vehicles. For example, an office building may have space available for automobiles of tenants, clients of tenants, and other visitors. Parking facilities may be ...
Same as term right of first refusal: Right of an individual to be offered something before it is offered to others. For example, a tenant whose apartment is going to be converted to a ...
Vertical window built through a sloping roof having its own gable and forming its own roofline. ...
Extended area of land commonly held for subdividing and development into residential units. ...
Use of a parcel of land that will produce the greatest current value. ...
Two or more parties agree to something. An example is when the two parties to a contract mutually agree to make certain revisions to it. ...
When the return on borrowed funds exceed the after-tax interest cost. It is profitably using other people's money. ...
Outside wall of a structure that is exposed to the weather. An exterior wall can also be a load bearing wall ...
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.
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