Common Elements
Common elements are the portions of the condominium property owned in common by unit owners (for example, structural components and shared spaces), as defined in the Condominium Act and/or declaration. The Condominium Act restricts liens against common elements absent unanimous consent and routes many lien claims to units rather than common elements.
- Where it applies
- New York State
- When it comes up
- Governance; repairs; disputes
- Property types
- Condos
Read more in the Knowledge Base
- The Offering Plan Audit - Uncovering Sponsor Rights and Building ObligationsBuyers
- Homeowner Associations and Community Governance in New York Residential DevelopmentsBuyers
- Commercial Tenant Interdependency in Mixed-Use Condos and Co-opsBuyers
- Alteration Agreements - What Buyers Need to Know Before Planning RenovationsBuyers
- Asset Class Selection - Co-op, Condo, and Townhouse for NYC Home BuyersBuyers
Condominium Governance
General information, not legal, tax or financial advice.