common property
common property
n. 1) real property owned by "tenants in common," who each have an "undivided interest" in the entire property. 2) property managed by a homeowners' association in a condominium project or a subdivision development, which all owners may use and each owns a percentage interest. 3) lands owned by the government for public (common) use, like parks and national forests.
common property
in Scots property law, the right of ownership of a number of people over the one thing. In case of dispute, the thing or land maybe divided or sold and the proceeds of the sale divided.Compare COMMON INTEREST.