Common Interest Development
Definition
- A housing area where the owners belong to a home owner's association that owns and maintains all common areas.
Synonyms
partnered development, association
Acronyms
CID
Related Terms and Acronyms
- Common Areas — Definition,
- Areas of a building or land and the 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 hallways of buildings, parkades, means of ingress and egress, etc.
- 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.
- Maintenance Fee — Definition,
- A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
- Production Home — Definition,
- Homes that are mass produced as part of housing developments.
- 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.
