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January 15, 2019

Common Elements

Word of the day

Common Elements

Parts of a property necessary or convenient to the existence, maintenance, and safety of a condominium, or are normally in common use by all of the condominium residents. All condominium owners have an undivided ownership interest in the common elements. Maintenance of the common elements is paid for by the condominium owners’ association, and each owner must pay a monthly maintenance assessment prorated according to his or her individual common interest. Typical common elements are elevators, load-bearing walls, floors, roofs, hallways, swimming pools, and so on.

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