Travel & Places Outdoors

Thru-hiking on the Cheap

Every business has it's jargon and residential real estate is no exception.
Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used condominium, cooperative and homeowner association terms with home buyers and sellers.
-Common area/grounds: The elements of building and grounds that all unit owners own jointly.
-Condominium: A dwelling of two or more property units where the owner owns the interior space and, in common with other owners, owns a square foot ratio of the common areas, such as the grounds, hallways, stairways, lobby, mechanical systems of common areas, and parking and recreational areas.
-Cooperative (Co-op): A corporation in which the tenants purchase shares that give them the right to occupy a unit in the building.
-Courtyard: An outdoor space faced by a building.
-Duplex: Two properties joined by one common wall.
-Elevator building: One that has one or more elevators to reach the units.
-Flat: Another name for an apartment.
-Full-amenity building: One that offers a variety of services to occupants: doorman, delivery/shipping room, dry cleaner, pool, tennis court, store, exercise facilities, and so on.
-Garden apartment: A dwelling unit partially below grade.
-High-rise: A multiple-floor building of ten or more floors.
-Management company: A professional real estate management company that manages the physical operation of a building.
-On-site management: The management of a building who works from an office within the building.
Parking: -Deeded: A parking space that is owned as a piece of real estate.
Leased: A parking space that is leased by the building occupant.
-Underground: A parking space located beneath grade of the building.
-Assigned: A parking space appointed by the association or management company.
-Valet: The car is parked and returned by a parking attendant for the occupant of the space.
-Self-managed: Buildings and dwelling units overseen by unit owners or unit shareholders.
-Site engineer: The mechanical or operations professional for a building who is on-site at his or her place of employment.
Some engineers live on the premises and are referred to as the super, short for superintendent.
-Walk-up: A building with no elevator.


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