Common property refers to resources or assets owned collectively by a group rather than by an individual or a single entity. This concept is often used in the context of real estate, where certain areas within a property, such as hallways, elevators, and recreational facilities, are owned and maintained by all the property's residents through a homeowners' association or similar body.
In legal terms, common property is part of common interest developments (CIDs) like condominiums, cooperatives, and planned communities.
The management and maintenance of common properties are usually governed by specific rules and regulations established by the community's association, ensuring that these resources are used and enjoyed by all members of the community equitably.
These rules can cover everything from usage rights to the financial responsibilities of the community members for upkeep and improvements.
The concept of common property extends beyond real estate to include intellectual property, resources in environmental law, and communal lands. In each context, the principles of shared ownership, responsibility, and use apply, though the specific legal frameworks and regulations governing these relationships can vary widely.
A frequent misconception is that common property means public property, accessible to anyone. In reality, common property is accessible only to the members of the community or group that owns it, distinguishing it from public property, which is owned by a governmental entity and available for public use.
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