Limited Common Elements


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.

BREAKING DOWN '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!

  1. Real Estate

    Land plus anything on it, including buildings and natural resources.
  2. Condominium

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

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

    An organization that builds or buys a group of properties and ...
  5. Real Estate Limited Partnership ...

    A limited partnership entity organized to invest in real estate. ...
  6. Condotel

    A condominium project that is operated as a hotel with a registration ...
Related Articles
  1. Personal Finance

    Real Estate Speculation In College Towns

    Is this an investing option you should consider? Find out here.
  2. Home & Auto

    Top 4 Things That Determine A Home's Value

    Your house depreciates over time, while the land beneath it is likely to do the opposite.
  3. Economics

    How Does a Modified Gross Lease Work?

    A modified gross lease is a rental agreement where, in addition to their rent, tenants pay a share of other costs associated with the property.
  4. Credit & Loans

    How Does a Lease Work?

    A lease is an agreement between two parties where the lessor owns property that it allows the lessee to use pursuant to terms of the agreement.
  5. Economics

    What is a Leasehold Improvement?

    A leasehold improvement is an alteration made to a rented space that customizes the space for the tenant.
  6. Economics

    What is Joint Tenants with Right of Survivorship?

    A type of brokerage account where a surviving member inherits the other member's share of account assets upon the death of that other member.
  7. Home & Auto

    5 Rental Red Flags

    Know what to look for before entering into a rental agreement.
  8. Retirement

    Holding Titles On Real Property

    Find out how best to claim and convey ownership on your assets.
  9. Budgeting

    Take Advantage Of A Housing Crisis - Rent!

    When a housing crisis strikes, the big winners are often the renters.
  10. Personal Finance

    How To Rent Your Home So You Can Pay Your Mortgage

    If you own your home, but temporarily can’t afford the payments, and can’t a find cheaper place to live, temporarily renting your home may be the solution for you.
  1. What kinds of real estate transactions use triple net (NNN) leases?

    A net-net-net lease, also known as a triple net or NNN lease, is a type of real estate lease that requires the tenant to ... Read Full Answer >>
  2. What are the three "nets" of an NNN lease?

    A triple net (NNN) lease is a type of real estate lease in which the tenant is responsible for paying the building's property ... Read Full Answer >>
  3. What are the differences between single, double and triple-net leases?

    A net lease is a real estate lease in which the tenant pays, on top of his rent, one or more of the following expenses: property ... Read Full Answer >>
  4. Can you ask your landlord to remove a waiver of subrogation clause from your lease?

    You can ask your landlord to remove a waiver of subrogation clause, but you will both need to agree to its removal or the ... Read Full Answer >>
  5. Do landlords set up escrow accounts for their tenants' security deposits?

    Landlords must set up escrow accounts to hold tenants' security deposits if the accounts are required by the laws of the ... Read Full Answer >>
  6. Is a waiver of subrogation clause better for a tenant or a landlord?

    A waiver of subrogation clause is good for both a tenant and a landlord. A waiver of subrogation is a two-way agreement in ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Gross Profit

    A company's total revenue (equivalent to total sales) minus the cost of goods sold. Gross profit is the profit a company ...
  2. Revenue

    The amount of money that a company actually receives during a specific period, including discounts and deductions for returned ...
  3. Normal Profit

    An economic condition occurring when the difference between a firm’s total revenue and total cost is equal to zero.
  4. Operating Cost

    Expenses associated with the maintenance and administration of a business on a day-to-day basis.
  5. Cost Of Funds

    The interest rate paid by financial institutions for the funds that they deploy in their business. The cost of funds is one ...
  6. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!