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. Will filing bankruptcy stop an eviction?
    Credit & Loans

    Will filing bankruptcy stop an eviction?

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

    Can real estate agents help renters ...

Hot Definitions
  1. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  2. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
  3. Call Risk

    The risk, faced by a holder of a callable bond, that a bond issuer will take advantage of the callable bond feature and redeem ...
  4. Parity Price

    When the price of an asset is directly linked to another price. Examples of parity price are: 1. Convertibles - the price ...
  5. Earnings Multiplier

    An adjustment made to a company's P/E ratio that takes into account current interest rates. The earnings multiplier is used ...
  6. Macroeconomics

    The field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena ...
Trading Center