Common Interest Definitions

in CRMLS Extras

Matrix Common Interest Definitions

 

Common Interest is a type of ownership in a property that is composed of an individual lot or unit and a share of the ownership or use of common areas. A Common Interest Development (CID) is usually governed by a recorded set of Covenants, Conditions & Restrictions (CC&Rs).

 

                                                           Common Interest Types With Definitions

Condominium

Ownership of  an individual unit where each homeowner only owns their individual unit space, and an undivided share in the ownership of common areas or in a common homeowner’s association (HOA). Generally, the ownership of the individual unit is described in a Condominium Plan and usually consists of ownership of the surface of the walls and the space within.  The CC&Rs will detail what building components and other complex amenities are considered part of the common area and will describe the common area or HOA ownership percentages, and maintenance responsibilities. Legal Descriptions for Condominiums usually reference a single specific “Unit No.” and a fraction representing the interest in the Common Area. There is also reference to a specific Lot that is usually the same lot number as numerous other individual units.

Example: UNIT J101 CM 074/155 INT IN COMMON IN LOT 2 MB 197/22 TR 23460

Planned Development

Ownership consisting of an individual lot or parcel, generally including the ownership of the land and any structures on the individual lot or parcel.  Owners also receive use right in common areas that are generally owned by a HOA. Some common areas may be reserved for the use of some or all of the individual lot owners. Generally, the CC&Rs will detail the method of management, maintenance, use and control of the common areas and may provide for some control and maintenance of the individual lots. Legal Description for a Planned Development usually references a specific Lot Number, and may include the fractional ownership of the common area. Planned Developments do NOT reference unit numbers. 

Example: .04 ACRES IN LOT 64 MB 137/082 TR 18464

Community Apartment

Ownership interest where purchaser receives a partial/fractional interest in the land coupled with the right of exclusive occupancy of an apartment located thereon. The owners elect a governing board which operates and maintains the project.

Stock Cooperative

Ownership of an interest in a corporation which is formed primarily for the purpose of holding title to improved real property, either in fee simple or for a term of years. All or substantially all of the shareholders receive a right of exclusive occupancy of a portion of the real property, which right is transferable only concurrently with the transfer of the share(s) of stock in the corporation.

Timeshare

Ownership in a time period or a point system granting possession rights to a unit or occupancy rights at a  property.  The property may be owned either by  a number of individuals on a fractional basis, or may be an interest in a corporation each with the right of possession for a specified time interval. Time-sharing is commonly applied to resort and vacation properties.

None

Ownership of an entire parcel or lot that is not in a CID, or not held subject to  any other Common Interest rights.

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