common areas financial definition of common areas. common areas finance term by the Free Online Dictionary.

common areas

(1) In leaseholds, the area over which the landlord retains exclusive control and liability, such as stairwells and hallways. (2) In condominiums, all property except for the specific condominium units themselves.Common areas are owned by all condo owners in common with each other, except that access may be restricted for plumbing, electrical, and other such areas, or it may be semirestricted so that all condo owners own a portion of your balcony, but you are the only one entitled to use it.

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