Every business has it's jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used condominium, cooperative and homeowner association terms with home buyers and sellers.

-Common area/grounds: The elements of building and grounds that all unit owners own jointly.

-Condominium: A dwelling of two or more property units where the owner owns the interior space and, in common with other owners, owns a square foot ratio of the common areas, such as the grounds, hallways, stairways, lobby, mechanical systems of common areas, and parking and recreational areas.

-Cooperative (Co-op): A corporation in which the tenants purchase shares that give them the right to occupy a unit in the building.

-Courtyard: An outdoor space faced by a building.

-Duplex: Two properties joined by one common wall.

-Elevator building: One that has one or more elevators to reach the units.

-Flat: Another name for an apartment.

-Full-amenity building: One that offers a variety of services to occupants: doorman, delivery/shipping room, dry cleaner, pool, tennis court, store, exercise facilities, and so on.

-Garden apartment: A dwelling unit partially below grade.

-High-rise: A multiple-floor building of ten or more floors.

-Management company: A professional real estate management company that manages the physical operation of a building.

-On-site management: The management of a building who works from an office within the building.

Parking:

-Deeded: A parking space that is owned as a piece of real estate.

Leased: A parking space that is leased by the building occupant.

-Underground: A parking space located beneath grade of the building.

-Assigned: A parking space appointed by the association or management company.

-Valet: The car is parked and returned by a parking attendant for the occupant of the space.

-Self-managed: Buildings and dwelling units overseen by unit owners or unit shareholders.

-Site engineer: The mechanical or operations professional for a building who is on-site at his or her place of employment. Some engineers live on the premises and are referred to as the super, short for superintendent.

-Walk-up: A building with no elevator.

Mark Nash

Mark Nash is an author of four books, including his recently released 1001 Tips for Buying and Selling a Home. Mark has been a commentator for CBS The Early Show, Bloomberg TV, interviewed by national newspapers and his articles have been widely syndicated in print and electronic media.