Common property refers to land, buildings, or other assets that are jointly owned or shared by multiple individuals or entities. It can include common areas in condominiums or housing developments, shared facilities in commercial buildings, or natural resources like forests or water bodies owned by a community or government. Common property typically involves rights and responsibilities for all co-owners, such as maintenance, use, and access. Decisions regarding common property may be governed by rules, regulations, or agreements established by the owners or relevant authorities. Managing common property often requires cooperation and collaboration among the owners to ensure its proper upkeep and equitable use.
n. 1) real property owned by “tenants in common,” who each have an “undivided interest” in the entire property. 2) property managed by a homeowners’ association in a condominium project or a subdivision development, which all owners may use and each owns a percentage interest in. 3) lands owned by the government for public (common) use, like parks and national forests.
Common property refers to areas or facilities within a property development that are owned and shared by all the residents or owners, such as common areas, parking lots, and recreational facilities.
The homeowners’ association or the property management company, which receives funding from the residents through maintenance fees or assessments, is typically in charge of maintaining common property.
Any changes to common property usually require approval from the homeowners’ association or property management, as it affects all residents or owners. This may involve obtaining permits and following specific guidelines.
The use of common property for personal use is typically regulated by the homeowners’ association or property management, and may require permission or reservations for certain facilities.
Residents or owners may have the right to dispute decisions made regarding common property through the homeowners’ association’s dispute resolution process or by seeking legal advice.
Renting out common property for personal gain is usually not allowed, as it is intended for the use and enjoyment of all residents or owners.
Any improvements to common property typically require approval from the homeowners’ association or property management, and may involve following specific guidelines and obtaining permits.
Residents or owners can be fined for violating rules related to common property, as outlined in the homeowners’ association’s governing documents. It’s important to familiarise yourself with these rules and regulations to avoid potential fines.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 8th April 2024.
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