Common Areas
Definition
- Those portions of a building, land, and amenities owned (or managed) by a planned unit development, or condominium project's homeowners' association, or a cooperative project's cooperative corporation that are used by all of the unit owners who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.
Synonyms
public space, shared area
Related Terms and Acronyms
- Amenities — Definition,
- Amenities are features such as green space, playgrounds, community centres, shopping malls, or swimming pools that make a neighbourhood or community more desirable for living.
- Co-housing — Definition,
- Also called cooperative housing and community housing, is an arrangement in which dwelling units have access to a shared space with a large kitchen, dining hall, laundry and children's play areas.
- Common Area Assessment — Definition,
- A levy against individual unit owners in a condominium or planned unit development to pay for upkeep, repairs, and improvements to the property's common areas, such as hallways, elevators, parkades, swimming pools, and gym facilities.
- Common Interest Development (CID) — Acronym,
- A housing area in which owners belong to a homeowners association that owns and maintains common areas.
- Condominium (condo) — Abbreviation,
- A condominium is an apartment building or townhouse complex where the structure and living areas are managed and owned, rather than rented, by the building's tenants.
- A structure of two or more housing units. The interior space of the units are individually owned. The balance of the property (land, building and other amenities) is owned in common by the owners of the individual units.
- Multi-Family (mfam, MF) — Acronym & Abbreviation,
- A building with more than four residential units.
- Single-Family Detached Home — Definition,
- A house that one family lives in and is not attached to another house (like a duplex).
- Tenancy in Common — Definition,
- Ownership by two or more people in which each person owns an undivided interest in the entire property and all have equal rights to use the property. When one tenant in common dies, that person's interest may be sold, mortgaged or transferred to another in a will.
- Townhouse (town, twnhse, th) — Abbreviation,
- A house that is attached to or built close to other houses.
