 Sam
Site Admin
Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
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 Posted: Mon Apr 05, 2004 4:18 am Post subject: Common Areas |
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Common areas available in condominiums and cooperative associations are those spaces which are not owned by any individual owner. The common areas are shared by all owners as percentage interest and are owned by the management of the association. Common areas include recreational facilities, outdoor space, parking areas, fences, and other spaces which are jointly owned.
The common areas are managed by a homeowners association or a cooperative board. The association collects assessments from the owners and pays for the insurance, maintenance costs and cash reserves for any kind of repair work in the common areas. The owners of the individual units are together responsible for the costs of maintaining the building and common areas. |
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