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Common Property

Any assets that are shared between the different owner groups, such as sections or parcels.

For example:
  • The fire pump is a common property asset that is shared by both the residential and commercial sections of the building
  • The hallway carpets are shared by, and common to all the owners in a residential building.
All portions of a condominium other than the units.
Fig. Floor Plan indicating Common Property (C) and Limitd Common Property (LCP)

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Fig. Samples of common assets, such as lobby floor and fire pump.

See also:

Fig. The common areas of a building, including hallways and parking garage (shown in blue).