Real Property

What Do You Purchase When You Buy A Condominium?

Posted by on Aug 9, 2011 in Articles, Real Property | Comments Off on What Do You Purchase When You Buy A Condominium?

When you buy a condominium, you purchase your individual unit as well as shared property interests (limited common elements and general common elements). Limited common elements are reserved for use by one or more, but fewer than all, of the unit owners in the condominium. Limited common elements may include balconies, roof decks, storage areas and parking spaces. General common elements are portions of the property used by all the unit owners. Everything that is not a unit or a limited common element is a general common element. For example, in most condominiums the general common elements...

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