In a condominium, 'common elements' refer to the portions of the property not owned individually by unit owners but in which an indivisible interest is held by all unit owners. These generally include the grounds, parking areas, recreational facilities, and external structure of the building.
With over 3,000 definitions (and 30,000 Quizes!), our Lexicon of Real Estate Terms equips buyers, sellers, and professionals with the knowledge needed to thrive in the real estate market. Empower your journey today!