Limited Common Elements

AAA

DEFINITION of 'Limited Common Elements'

Elements of condominium living units that are assigned to specific tenants but are still considered to be property of the condominium. Limited common elements can include front doors, balconies or windows. They can also extend to parking places and boat slips. Limited common elements are normally defined in the condominium documentation.

INVESTOPEDIA EXPLAINS 'Limited Common Elements'

Limited common element property is maintained by the owners association and paid for from the dues of each member. The theory behind limited common elements is actually somewhat contradictory. A court in New York once ruled that a condo tenant could not put up a satellite dish in his own back patio, even though it was legally considered his property!

RELATED TERMS
  1. Condotel

    A condominium project that is operated as a hotel with a registration ...
  2. Condominium

    A large property complex that is divided into individual units ...
  3. Real Estate

    Land plus anything permanently fixed to it, including buildings, ...
  4. Real Estate Limited Partnership ...

    A limited partnership entity organized to invest in real estate. ...
  5. Property

    1. Anything over which a person or business has legal title. ...
  6. Real Estate Investment Group

    An organization that builds or buys a group of properties and ...
Related Articles
  1. Real Estate Speculation In College Towns
    Personal Finance

    Real Estate Speculation In College Towns

  2. Top 4 Things That Determine A Home's ...
    Home & Auto

    Top 4 Things That Determine A Home's ...

  3. Can real estate agents help renters ...
    Home & Auto

    Can real estate agents help renters ...

  4. 5 Rental Red Flags
    Home & Auto

    5 Rental Red Flags

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center