Business, Legal & Accounting Glossary
n. in condominium and some cooperative housing projects, the areas not owned by an individual owner of the condominium or cooperative residence, but shared by all owners, either by percentage interest or owned by the management organization. Common areas may include recreation facilities, outdoor space, parking, landscaping, fences, laundry rooms and all other jointly used space. Management is by a homeowners’ association or cooperative board, which collects assessments from the owners and pays for upkeep, some insurance, maintenance and reserves for replacement of improvements in the common area. This can also refer to the area in a shopping centre or mall outside of the individual stores, for which each business pays a share of maintenance based on the percentage of total store space occupied.
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This glossary post was last updated: 27th April, 2020 | 1 Views.