Common Area

Business, Legal & Accounting Glossary

Definition: Common Area



What is the dictionary definition of Common Area?

Dictionary Definition


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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https://payrollheaven.com/define/common-area/
Modern Language Association (MLA):
Common Area. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. July 16, 2020 https://payrollheaven.com/define/common-area/.
Chicago Manual of Style (CMS):
Common Area. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/common-area/ (accessed: July 16, 2020).
American Psychological Association (APA):
Common Area. PayrollHeaven.com. Retrieved July 16, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/common-area/

Definition Sources


Definitions for Common Area are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 27th April, 2020 | 0 Views.