This is not a complete list but it does contain most of the commonly encountered terms that you will find when dealing with Condominiums.

Board Of Directors

Each Condominium is run by a Board of Directors who are usually unit owners in a complex and are elected to the Board by the owners. They are responsible to look after the administration and management of the Condominium Corporation.

Common Property

The common property refers to all areas of a condominium that are not owned by the individual but are shared ownership with all of the condo owners. Some areas that you will find as shared property are elevators. entry areas, hallways, parking, heating and the grounds. The areas that are owned in common are outlined in the bylaws as well as the Condominium plan. Some areas that are owned in common but are given exclusive use by individual unit owners can include things like balconies and patios. The cost and maintenance of this common property is shared by all the unit owners.