Common Elements

Definition of "Common elements"

Those parts of a condominium that are owned by all the unit owners.

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Popular Real Estate Terms

Declaration

Legal record used to create a condominium. It encompasses the description of the property, common elements, ownership units, and acceptable uses of t ...

Building Permit

Approval given by a local municipality to construct a particular structure at a specific location. The permit may contain certain provisions that requ ...

Listing Broker

Licensed real estate broker who has a listing of property for sale. ...

Multifamily Housing

Residential structure designed to house more than one family. Smaller multifamily housing units include duplexes, triplexes, and quadriplexes. Larger ...

Interim Loan

A loan that is to be replaced by a permanent loan. ...

Garden Apartments

An apartment complex providing tenants access to a lawn area. ...

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