Common Elements
Those parts of a condominium that are owned by all the unit owners.
Popular Real Estate Terms
Use of a parcel of land that will produce the greatest current value. ...
To acquit, exonerate, absolve, or discredit allegations. ...
The quality of life enjoyed by a person depending on factors such as spendable income, housing conditions, health and education. ...
Initial offer to buy or sell answered with a revised offer. For example, a buyer offers $500,000 for a home put on the market. The owner rejects the offer but submits a counteroffer for ...
The definition of emblements in real estate is very simple: emblements are the crops grown on a piece of property leased to a tenant. Legally, the crops are the property of the person who ...
Defect in the tax law that either may provide a loophole to minimize the tax payment or result in higher taxes than there should be. ...
Pump installed in the sump of a building to pump out and drain any water or liquids that have accumulated. ...
Street having access only at one end and terminating with a circular turnaround area. The circular area permits automobiles to exit the street without having to use a home's driveway to ...
Individual who has a legal obligation to pay money to another. ...
Comments for Common Elements
Do common elements include utilities such as water and electricity?
Sep 18, 2020 18:12:58Hello, Patricia!
Yes, common elements in a condominium, for example, include heating and air conditioning systems, pipes, hot water systems, light fixtures on common ground, security systems, and electrical systems. Aside from these elements that are not so obvious, you have lobbies, locker areas, garages, technical rooms, walkways, the roof, and many other elements that are parts of the condo complex and belong to all owners.
Sep 28, 2020 09:06:12Have a question or comment?
We're here to help.