Common area/grounds: The elements of building and grounds that all unit owners own jointly.
Condominium: A dwelling of two or more property units where the owner owns the interior space and, in common with other owners, owns a square foot ratio of the common areas, such as the grounds, hallways, stairways, lobby, mechanical systems of common areas, and parking and recreational areas.
Cooperative (Co-op): A corporation in which the tenants purchase shares that give them the right to occupy a unit in the building.
Courtyard: An outdoor space faced by a building.
Duplex: Two properties joined by one common wall
Elevator building: One that has one or more elevators to reach the units.
Flat: Another name for an apartment.
Full-amenity building: One that offers a variety of services to occupants: doorman, delivery/shipping room, dry cleaner, pool, tennis court, store, exercise facilities, and so on.
Garden apartment: A dwelling unit partially below grade.
High-rise: A multiple-floor building of ten or more floors.
Management company: A professional real estate management company that manages the physical operation of a building.
On-site management: The management of a building who works from an office within the building.
- Deeded: A parking space that is owned as a piece of real estate.
- Leased: A parking space that is leased by the building occupant.
- Underground: A parking space located beneath grade of the building.
- Assigned: A parking space appointed by the association or management company.
- Valet: The car is parked and returned by a parking attendant for the occupant of the space.
Self-managed: Buildings and dwelling units overseen by unit owners or unit shareholders.
Site engineer: The mechanical or operations professional for a building who is on-site at his or her place of employment. Some engineers live on the premises and are referred to as the super, short for superintendent.
Walk-up: A building with no elevator.
Other Property Terms
Income/investment property: Property that provides compensation or tax advantages to the owner.
1-4 unit: A multiple-dwelling building of one to four units.
2/3 flat: A multiple-dwelling building that has two or three units stacked on top of each other.
Lakefront: A dwelling unit that has front footage on a lake.
Lake view: A dwelling unit that has visual exposure to a lake.
Manufactured home: All or part of a dwelling unit that is constructed in one location and placed in another location.
Mid-rise: A multiple-floor building that has three to nine floors.
Mobile home: A dwelling unit that is constructed with attached wheels and can be moved from one location to another.
Model home/condo: A dwelling unit that the builder/developer finishes as a sales sample for the public to view.
Penthouse: A dwelling unit of the uppermost occupied floor of a building.
Percent owner-occupied: The number of units in a condo or co-op that are owner-occupied.
Rental: Property for which the occupant/tenant pays the landlord/owner a fixed periodical sum of money.
Riparian: Property rights relating to land bordering flowing water.
Row houses: Attached homes with a common side wall(s).
Quadrominium: Four attached condominiums.
Single-family home: A dwelling unit that has no common walls with another dwelling unit.
Spec home: A home built on speculation by a builder/developer.
Studio: A one-room dwelling unit.
Townhouse: A series of attached dwelling units with common wall(s).
Vacation or resort or second home: A residence owned as a nonprimary residence.
Water rights: Rights by a property owner to use a body of water.
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