common property

common property

n. 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. 3) lands owned by the government for public (common) use, like parks and national forests.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

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 maybe divided or sold and the proceeds of the sale divided.

Compare COMMON INTEREST.

Collins Dictionary of Law © W.J. Stewart, 2006