common property

Common property is a term that is used for all and any parts of a sectional title scheme that does not form part of an individual section.

The land around and under sections, the 'outer skin' of the different sections, the foundations, the area between the roof and the median line of the ceiling, the parking areas, the main gates, the corridors, shared stairs or passageways are all included in the common property for a sectional title scheme.

All the owners of sections in a sectional title scheme collectively own the common property in undivided shares. When someone buys a section in a sectional title scheme, he/she automatically gets to share ownership in the common property with all the other section owners.

The common property in a sectional title scheme is under the control of the body corporate.

In a sectional title complex, common property is all the land in the complex, as well as those parts of the buildings which are not included in in a particular section or unit. Common property can include stairwells, lifts or elevators, carports, swimming pools, gardens, etc.

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Terms that closely resemble "common_property":