Common Elements
Those parts of a condominium that are owned by all the unit owners.
Popular Real Estate Terms
Removal of land by the action of water. See also erosion. ...
Lender (such as a bank) that has the property of the borrower as collateral (security, lien). If the mortgage is not paid, the property may be sold to make payment on the outstanding ...
Wedge-shaped step found on a spiral staircase with a wider tread on its outside portion. ...
Regional area from which a particular product or service can expect its greatest demand. For example, a retail department store expects to attract shoppers from a market area having a ...
(1) An arrangement to buy real estate at a specified price and conditions. The failure to honor the commitment may result in damages. (2) Bank commitment to lend money in connection with ...
Contract to act on the behalf of a principal in selling real estate. The principal agrees to pay a commission to the broker when a buyer is produced who is ready, willing, and able to meet ...
Metropolitan locality such as a city. It is heavily populated with many residents and businesses. An example is New York City. ...
The act or process of decreasing in size. The total amount of decrease. ...
Monies set aside in the event unexpected repairs are needed to a building or apartment. It may be in the form of an escrow account in which the seller of the property puts funds away if ...
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.