Common Elements
Those parts of a condominium that are owned by all the unit owners.
Popular Real Estate Terms
income statement destroyed by a casualty such as a fire. This requires the reconstruction of the income statement based on source records, information, and documents. Income statement ...
Marketable title that is free of encumbrances and disputed interests. Clear title is essential in order to convey a general warranty deed in a transaction. ...
Process of simultaneously appraising several pieces of property. Normally, occurs when a local government conducts a reassessment. ...
Lienholder's statement as to the unpaid balance on a trust deed note. ...
Written document by an official granting agency and signed by an empowered official certifying that some specific act including the fulfillment of certain requirements has occurred on a ...
Opinion of a judge having no direct legal or binding effect on the outcome of a pending judicial decision. An obiter dictum is considered to be an incidental judicial remark about some ...
Loan in which two or more lenders participate in the total financing of a single mortgage. The lenders in a piggyback loan do not necessarily have equal shares. ...
Judicial order prohibiting a person or business from doing something. The court may issue this dictate when unlawful conduct or activity is occurring. ...
See annuity due. ...
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.