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Define Common elements in Real Estate
Common elements:
"Common elements" are parts of a shared property or building that are used by everyone who owns or rents a unit. These might include hallways, elevators, or outdoor spaces like a pool or playground.
Example:
For example, if you live in a condo building, you might share a lobby and elevator with other residents, and all of you might have access to a rooftop terrace. These are common elements that are maintained by the building's management or homeowners' association.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
"Common elements, oh what a treat!
They're parts of a building where everyone can meet.
From the hallway to the pool, they're shared spaces, you see,
And they're kept clean and maintained, for you and for me."