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Real Estate Glossary
For your convenience, we've compiled a list of words and phrases to help you understand Real Estate better.
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A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.
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Those portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or
project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.
A nonprofit association that manages the common areas of a planned unit development (PUD) or
project. In a
project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.
planned unit development (PUD)
A type of ownership where individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the development or association. Contrast with
, where an individual actually owns the airspace of his unit, but the buildings and common areas are owned jointly with the others in the development or association.
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