Common Areas
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Description
Common areas in a residential development are used by all apartment owners.
Transcript
In a residential development, common areas are the facilities used by all apartment owners. Parking lots, elevators, lobbies and corridors are some examples of the common areas. Owners of apartments often have to pay the co-operative society or home-owners association that regularly maintains the common areas. In commercial developments, common areas are often maintained using the fee collected from the outlets in the buildings, depending on the amount of floor space each unit occupies.