common property

common property
common property see property

Merriam-Webster’s Dictionary of Law. . 1996.

common property
in Scots property law, the right of ownership of a number of people over the one thing. In case of dispute, the thing or land may be divided or sold and the proceeds of the sale divided. Compare common interest.

Collins dictionary of law. . 2001.

common property
Property owned by two or more parties.
Category: Real Estate & Rental Property

Nolo’s Plain-English Law Dictionary. . 2009.

common property
   1) real property owned by "tenants in common," who each have an "undivided interest" in the entire property.
   2) property managed by a homeowners' association in a condominium project or a subdivision development, which all owners may use and each owns a percentage interest in.
   3) lands owned by the government for public (common) use, like parks and national forests.

Law dictionary. . 2013.

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