Common Element
In real estate, a common element refers to a portion of property or a development that is owned or shared collectively by multiple owners or occupants within a condominium, cooperative, or planned community. Common elements are typically maintained and managed by a homeowners’ association (HOA), condominium association, or cooperative corporation, and they serve to provide shared amenities, facilities, or infrastructure for the benefit of all residents or unit owners.
Common elements can take various forms, including:
1. Common Areas: Shared spaces within a condominium or planned community, such as lobbies, hallways, elevators, stairwells, and recreational facilities like swimming pools, gyms, or parks.
2. Common Infrastructure: Shared infrastructure or utilities serving multiple units or properties, such as roads, sidewalks, parking areas, landscaping, drainage systems, and utility lines.
3. Building Exteriors: Exterior components of buildings or structures that are shared by multiple units or properties, such as roofs, foundations, exterior walls, windows, and doors.
4. Shared Services: Shared services or amenities provided to residents or unit owners, such as security services, trash collection, landscaping, snow removal, and maintenance of common areas.
Ownership of common elements is typically governed by the governing documents of the condominium, cooperative, or planned community, such as the declaration of condominium, cooperative bylaws, or homeowner association (HOA) covenants, conditions, and restrictions (CC&R’s). These documents establish the rights, responsibilities, and obligations of owners or residents with respect to the common elements, including rules for use, maintenance, repair, and financial responsibilities.
The management and maintenance of common elements are funded through assessments or fees collected from unit owners or residents, which are typically managed by the homeowners’ association or cooperative corporation. These funds are used to cover expenses related to upkeep, repairs, improvements, insurance, and other costs associated with maintaining the common elements.
Common elements play a vital role in enhancing the quality of life and property values within condominiums, cooperatives, and planned communities by providing shared amenities, services, and infrastructure for the benefit of all residents or unit owners. Effective management and maintenance of common elements are essential to ensure the long-term sustainability and desirability of the community.
