Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Common Property
Common property is any property which is owned by a number of tenants instead of a single individual. Apartments, condominiums, and strata buildings are popular examples. Common areas such as corridors and driveways are also considered common property. In a common property scheme, the rights, shares and boundaries of each owner should be specifically defined, as well as the rights of passage and coverage of shared areas. In Australia, management of a common property is usually handled by a Body Corporate, an association formed by unit owners and listed as a corporation.
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