First Funding Blog

common elements (areas)

Those portions of a building, land, and amenities owned (or managed) by a PUD or condo project’s homeowners’ association (or a co-op project’s co-op corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas may include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, and means of ingress and egress.