Limited Common Elements
Elements of condominium living units that are assigned to specific tenants but are still considered to be property of the condominium. Limited common elements can include front doors, balconies or windows. They can also extend to parking places and boat slips. Limited common elements are normally defined in the condominium documentation.
Limited common element property is maintained by the owners association and paid for from the dues of each member. The theory behind limited common elements is actually somewhat contradictory. A court in New York once ruled that a condo tenant could not put up a satellite dish in his own back patio, even though it was legally considered his property!
Investment dictionary. Academic. 2012.
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