common area

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A common area is some shared space or amenity between unit owners or shareholders of a common interest development (CID). In housing CIDs, common areas can include things such as yard space, a basketball court, pool, laundry room, or a mail room. Common areas for businesses can include a lobby in a high-rise office building or a parking lot for businesses in a mall. Common areas are managed by the association or board of directors of the CID, and each member or shareholder must contribute to the CID to maintain the common areas, usually in periodic fees. 

[Last updated in June of 2021 by the Wex Definitions Team]