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Common Elements (areas)

Fannie Mae

Updated 10-31-2026

Common Elements (areas)

Those portions of a building, land, or amenities owned or managed by the homeowners' association of a condo or PUD project (or by a co-op project's co-op corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas are defined in the project documents and may include, but are not limited to, swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, and means of ingress and egress. (Also see amenities and common area assessments.)

Fannie Mae Glossary of Terms

Fannie Mae · p. 7

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