Common Elements

Common Elements in a Condominium
Common elements in a condominium refer to those portions of the property not owned individually by unit owners but held in an indivisible interest by all unit owners. These typically include the grounds, parking areas, recreational facilities, and the external structure of the building.
Community Association
A community association is an organization of property owners that oversees common interests and responsibilities within a community, such as managing common elements in a condominium or enforcing deed covenants in a subdivision.
Condominium Owners' Association
An organization of all unit owners in a condominium responsible for overseeing common elements and enforcing the condominium's bylaws.
Homeowners' Association (HOA)
A Homeowners' Association (HOA) is an organization of homeowners in a particular subdivision, planned unit development, or condominium. It is generally formed for the purpose of enforcing deed restrictions and managing the common elements of the development.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.