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. Condominium

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

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

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

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

    An organization that builds or buys a group of properties and ...
  6. Condotel

    A condominium project that is operated as a hotel with a registration ...
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. Holding Titles On Real Property
    Retirement

    Holding Titles On Real Property

  4. Take Advantage Of A Housing Crisis - ...
    Budgeting

    Take Advantage Of A Housing Crisis - ...

comments powered by Disqus
Hot Definitions
  1. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  2. 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 ...
  3. 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 ...
  4. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  5. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
  6. Net Sales

    The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any ...
Trading Center