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. Personal Finance

    Real Estate Speculation In College Towns

  2. Home & Auto

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

  3. Credit & Loans

    Will filing bankruptcy stop an eviction?

  4. Home & Auto

    Can real estate agents help renters ...

Hot Definitions
  1. Capitulation

    When investors give up any previous gains in stock price by selling equities in an effort to get out of the market and into ...
  2. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  3. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  4. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  5. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  6. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
Trading Center