Every business has it's jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used condominium, cooperative and homeowner association terms with home buyers and sellers. -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. Parking: -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. |
